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EBRD and EIB make EUR 12.5 mln of new funds available to Romanian farmers

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.