2. Warehouse Receipts Krassimir Kiriakov FAO WHR International Consultant Rome, June 20 th 2012 The International Experience and Future Development Opportunities

3. Market Deficiencies - Lack of trade rules and underdeveloped domestic commodity market infrastructure - Difficult access to international markets - High price of agricultural inputs - Lack of reliable storage facilities - Lack of reliable commodity quality standards - Lack of access to organized commodity markets (exchanges) - Very Limited access to short-term financing - Lack of reliable market information

4. - - Generate larger markets - - Improve the overall marketing infrastructure - - Identify the proper regulatory role for the government - - Provides increased access to short-term credit - - Develop new financial instruments - - Attracts additional capital - - Reduce the participants risk   product quality and quantity   reliable transactions   reduced performance risk WHR System Advantages

5.   Political Environment   Structural Components - Legislation - Licensing and Inspection - Public Warehouses - Warehouse Receipt - Financial Performance Guarantees Core Elements of WHR System :

6. A. Creating enabling environment : case study : Russia B. Project implementation: case study : Serbia C. Creating Knowledge Center: FAO support for WHR

7.   Central and Eastern Europe   Central Asia/Pacific Asia   Africa   Latin America Future Development Opportunities

8. THANK YOU FOR YOUR ATTENTION! Krassimir Kiriakov FAO, International Consultant 1000 Sofia Vitosha 63 blvd. +359 2 987 91 60 +359 888 327 529 krassi@vocaconsult.com