about us | newsletter | contact | archive | members area
Bogdan Nitulescu, Tremend
Cryptocurrencies volatility is a big problem»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

IFC provides funding to support Romanian agribusiness

IFC, a member of the World Bank Group, is providing a 70 million RON (15.5 million Euro) loan to Agricover Credit IFN to increase access to financing for farmers in Romania and to support the country’s agribusiness sector.

2017-06-20 15:24:52 - From the Print Edition

Agricover Credit IFN, part of Romania's Agricover group, is the only financial institution in Romania aimed exclusively at agriculture financing. The new loan will support Agricover Credit's financing for agribusiness SMEs to increase their working capital and would also contribute to expand the company's portfolio, while deepening its market penetration.

This is the second loan IFC has provided to Agricover Credit IFN. In 2012, IFC provided a 12.5 million Euro loan to the company, also to increase access to financing for farmers. Agricover Credit offers both short-term working capital financing and medium-term investment loans to farmers who actively grow agricultural crops, and/or operate in animal breeding, milk production and the agro-processing sector.

"This new agreement allows us to further support the development of small and medium-sized farmers by improving their access to the funding they need to increase their productivity and generate added value, both for their own businesses and for the sector," said Robert Rekkers, CEO of Agricover Credit IFN, according to Business Review. "We have the necessary resources and plan to provide more affordable financing to this target segment."

Romania has the second-largest amount of arable land of any country in Europe and its agriculture sector employs around 35 per cent of the country's workforce. IFC continues to support the agribusiness sector given its potential for development, especially its strong role in reducing poverty.
"We are working with Agricover Credit IFN to ensure that even small farmers have access to finance," said Manuel Reyes-Retana, IFC Regional head for Financial Institutions Group in Europe, Middle East and North Africa. "By deepening our reach beyond traditional banking institutions, we strengthen the capacity of alternative financiers to meet the capital needs of key underbanked sectors like agribusiness."

IFC's long-term strategy in Romania's financial sector is to scale up the ability of banks and non-banking financial institutions to provide loans to underserved sectors, such as agribusiness, microbusinesses and SMEs, and to promote financial products to include trade finance lines and local currency financing.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  4476 Views
Daily Info
Smart city is not a fad, it's a necessity

In June 2018, the ranking of the most "smart" cities in the world was published. In other words, the most advanced cities in terms of human capital, social cohesion, the econo...

Ondrej Safar, CEZ Group: "Romania can become a hub for international smart solutions providers"

"We are already in the digital age, so the upward trend of implementing smart solutions is inevitable in all areas," he tells The Diplomat-Bucharest. "Especially in terms of u...

Telekom Romania, a strong supporter of Smart City development in Romania

Just like many other countries in the world Romania is now facing an unprecedented growth of the urban population, which can be both beneficial and detrimental for the society...

In the industrial era, the fight was for finite material resources. Not anymore

Now organizations fight and develop themselves for and around their talent. In a nutshell, getting ahead in today's business world is all about attracting and inspiring an e...

Richard Sareczky, Mol Limo: "We look at expansion locations across CEE including Romania"

Consumer mobility behaviour is changing, leading to up to one out of ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-p...

 
 
   
advertising

advertising

advertising

More on News
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania

Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania.

ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.

The Romanian labour market needs a well-thought approach, says FIC

The Foreign Investors Council (FIC) has signaled in the past 2-3 years that its members are anticipating increasing strains on the Romanian labour market because starting w...

Revolut gets European banking license

Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has fi...

Dacia receives 115.8 million RON in state aid from the Finance Ministry

The Romanian Finance Ministry has signed five more grant agreements under the state aid scheme, and among the beneficiaries are Automobile Dacia, with RON 115.8 million.

EBRD cuts economic growth forecast for Romania

Romania's economy will grow by 4.2 per cent this year and by 3.6 per cent in 2019, according to the most recent forecast released by the European Bank for Reconstruction an...

OTP Bank Romania signs investment funds distribution deal with Eurobank Fund Management Luxembourg

OTP Bank Romania signed a partnership with Eurobank Fund Management Company (Luxembourg) for the distribution of investment funds in Romania. Thus, from December 1st, OTP B...