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Agricover Credit and Oikocredit partnering to support Romanian farmers

Agricover Credit IFN and Oikocredit International from the Netherlands signed today an agreement for a RON 30 million loan, over a four year period. The amounts are allotted to the development of new financial products and services of Agricover Credit IFN and will provide additional financial resources to support and credit local farmers.

2014-06-06 11:36:48

"To grow and develop a performing agricultural sector we need modern, innovative solutions. The integrated platform of products and services built by Agricover along the agri value-chain is meant to ensure a solid and flexible business environment to support one of the most important potentials of Romania. Today's agreement will allow Agricover Credit to keep its fast pace in developing new financial products and services to respond to farmers needs," said Robert Rekkers, CEO of Agricover Credit IFN, the financial division of Agricover Group.
David Woods, Managing Director Oikocredit International said: "We value this new partnership in Romania through which we can strengthen our commitment to support the agricultural sector."
Financing agribusiness continues to be seen as a problem by Romanian farmers. Recent studies showed that bank credit portfolio for agribusiness barely rose with 1 per cent and still remains at a maximum 3.6 per cent of the overall bank credit exposure.

Agricover Credit IFN offers specialized, fast and flexible financing solutions that are tailor made to meet the farmers requirements. "This year we expect to increase our loan production to around RON 800 million. The partnership with Oikocredit will enable us to continue our strong development." added Robert Rekkers.

Oikocredit finances and invests in microfinance institutions, cooperatives and small to medium enterprises in emerging countries in support of sustainable development. With operations in almost 70 countries, Oikocredit is one of the world's largest sources of private capital for microfinance. A worldwide cooperative with 52,000 investors, Oikocredit currently has assets totaling 779 million Euro , with 591 million Euro invested in 815 partner organizations. Oikocredit focus is on microfinance, agriculture and renewable energy. www.oikocredit.coop"

Founded in 2008, Agricover Credit is the only financial institution that provides financial products exclusively to vegetable farmers and livestock sectors. Knowledge and understanding of agricultural activity allow making available a wide range of innovative products to finance working capital and investment in a flexible manner, tailored to the needs and characteristics of the beneficiaries. Agricover Credit has experienced rapid growth reaching in a few years, to be one of the major players in financing farmers.

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