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Aldagi BCI, Bank of Georgia and USAID to Launch a New Program of Agro-Insurance

Published: March 20, 2012 | 7:33 pm
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The COMMERCIAL TIMES

Tbilisi, March 20- Bank of Georgia, the leading commercial bank in Georgia, Aldagi BCI and the USAID’s Economic Prosperity Initiative (EPI)), signed a memorandum of understanding regarding a new agro-insurance program for farmers.

The main goal of the program is to assist the development of agriculture sector and  to increase the access to banking products for farmers. Insurance plays a significant role in this respect. According to the memorandum, the sides will implement a three-year pilot program, which will enable farmers to get a better awareness of the benefits offered by agro insurance and will let them have a better access to financing. In order to make the mission possible Bank of Georgia and EPI will finance 90% of the insurance premium and the rest 10% will be covered by the farmer.

300 farmers will be insured during the first phase of the program. These are the famers engaged in the sectors selected by EPI and cultivate  produce like nuts, mandarin, potatoes, onions, garlic, carrot and beetroot.

Agro insurance will be available for Bank of Georgia’s existing as well as prospective clients. Financial resources in the amount of USD 1.2 million will be mobilized for the project. The insurance will be valid during one agro cycle and will include a whole package of insurance against the natural disasters.  In addition, in the frame of the program, farmers will benefit from consultations and trainings, which will help them develop best practices of growing the above-mentioned cultures.

Aldagi BCI was the first insurance company on the market to issue an agro police in 2010. The company actively works on various agro insurance  products.

 


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