Romanian farmers to receive 12.5 million Euro funds from EIB and EBRD
Farmers in Romania will benefit from improved access to finance thanks to new funds provided to Agricover Credit IFN by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
The EBRD, a shareholder in Agricover Holding, is providing a new 5 million Euro facility, increasing its financing to the company to 20 million Euro. The EIB is extending a first tranche of 7.5 million Euro from a total approved loan amount of 15 million Euro. These funds are being made available to Agricover Credit IFN in addition to 20 million Euro already provided earlier.
Agricover Credit IFN finances the agricultural sector and works with more than 15 per cent of all professional farmers in Romania. It is a subsidiary of Agricover Holding, which offers agribusiness and financial services to farmers through a highly integrated business model centred around satisfying the essential needs of farmers.
The new funds will enable Agricover Credit IFN to expand its financing for agriculture and help farmers hit by the coronavirus outbreak and its economic impact.