On April 28, 2017, Business and Finance Consulting organized the PAFAI (Promoting Access to Finance and Agri Insurance) project closing event. The representatives from the Ministry of Agriculture, Swiss Cooperation Office (SCO) for the South Caucasus, Georgian insurance companies (Aldagi, GPI Holding, Ardi and IC Group), government institutions, non-governmental organizations and international development organizations attended the event.
The meeting was opened with a welcoming speech and a presentation of the project’s goals and results by Michael Kortenbusch, managing director of Business and Finance Consulting. Other speakers included: Revaz Asatiani, Deputy Minister of Agriculture; Devi Khechinashvili, director of the Georgian Insurance Association; and Konstantine Zhghenti, director of the Association of Business Consulting Organizations.
“For more than a decade, Switzerland has been supporting the Georgian government in fostering the development of the agriculture sector. Since 2015, the PAFAI project has facilitated farmers’ access to finance and agriculture insurance. With the access to finance component, we facilitated the establishment of value chain financing schemes and provided technical support to financial institutions. The project’s agriculture insurance component addressed the mitigation of errors in assessing results of weather-related risks that agricultural producers, especially small holder substance farmers face in Georgia.
Today, with our partners we take stock of the results of a two-year project, and we look forward to continuous support to agriculture development within the framework of Switzerland’s new Cooperation Strategy 2017-2020,” stated Olivier Burki, Regional Director of Cooperation, in his closing remarks.
The PAFAI project had two main directives: increasing access to finance and increasing access to insurance. Within the frame of increasing access to finance, PAFAI helped to establish value chain financing schemes as well as offered technical support to financial institutions. The PAFAI project supported increasing access to insurance by working to create loss adjustment guidelines, implementing a data depository system and providing guidance and technical solutions to both governmental and private entities involved in agricultural insurance in Georgia.
The PAFAI project began in May 2015 with financial support from the Swiss Cooperation Office for the South Caucasus. The overall goal of the project was to promote the expansion of agrofinancing and agroinsurance in order to increase farmers’ profitability, stabilize their income and strengthen Georgia’s agricultural sector overall. The project’s goals were successfully reached.
Business and Finance Consulting is a Zurich (Switzerland) based consulting firm specialized in financial sector development and has been active in Georgia since 2003.