FAO and Agriculture University of Tirana collaborate to Financial Literacy Development Initiative for the agriculture sector

The Food and Agriculture Organization of the United Nations (FAO) announces the launch of the new initiative aimed at fostering financial literacy development in the agriculture sector, with a particular focus on regions affected by the 2019 earthquake including Tirana, Durres and Lezha. The initiative commenced last week with two training sessions for agriculture extension service specialists in Durres and small-scale farmers in Lezha region.

As part of the project "Earthquake Recovery Support through the UN SDG Acceleration Fund" FAO has worked to address the recovery needs of farmers affected by earthquake, with the financial support from the Kingdom of the Netherlands and the United Kingdom of Great Britain and Northern Ireland. Recognizing the significance of financial literacy in empowering government institutions and farming communities to make informed financial decisions and improve their access to finance, FAO has identified financial literacy development as a crucial component of the project.

To enhance the financial capacities of extensionists and farmers, a series of nine training events will be conducted in three regions. The training topics will include farm records maintenance, agri-business registration processes for farms (simple financial statements), farm efficiency indicators, practical examples of farm efficiency calculation, business plans in the context of agriculture, steps of business plan preparation and case studies of farm business plans.

The Agriculture University of Tirana (AUT) distinguished for its excellence in agricultural education, research, and innovation, will organize the trainings sessions for agriculture extension specialists and the farmers. The collaboration between FAO and the University highlights the commitment to provide knowledge in various fields of FAO’s mandate. In this framework, on June 13, 2023, FAO senior economists delivered an open lecture with AUT students on “State of Green Finance in Agri-food and “Climate Risks and their Relevance for Central Banks.”

FAO is optimistic that the Financial Literacy Development Initiative, conducted together with AUT, will empower farming communities and government institutions, enabling them to make informed financial decisions and foster sustainable agricultural practices.