The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) are providing new financing worth a total EUR 12.5 million (USD 14 million) to Romania’s Agricover Credit IFN.
The EBRD, a shareholder in Agricover Credit IFN’s mother company Agricover Holding, is providing a new EUR 5 million facility, increasing its financing to the company to EUR 20 million, the EBRD said in a press release on Wednesday.
Agricover Credit IFN finances the agricultural sector and works with more than 15% 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 centered around satisfying the essential needs of farmers.
The EIB is extending a first tranche of EUR 7.5 million from a total approved loan amount of EUR 15 million.
These funds are being made available to Agricover Credit IFN in addition to EUR 20 million already provided earlier.