EIB provides agricultural SMEs with EUR 7.5 million in new funds through Agricover Credit IFN Romania
These funds are made available to Agricover Credit IFN, in addition to the first tranche of EUR 7.5 million already accessed in 2020. The EIB financing is guaranteed by the European Fund for Strategic Investments (EFSI).
Agricover Credit IFN finances the agricultural sector by working with more than 15% of professional farmers in Romania. Agricover Credit IFN is a subsidiary of Agricover Holding S.A., which provides tailor-made financial services to farmers through an integrated business model focused on meeting farmers' essential business needs.
This second tranche of new funds will enable Agricover Credit IFN to provide loan support to medium and small farmers, expanding its financing to facilitate sustainable growth of agriculture and farm businesses.
EIB Vice-President Christian Kettel-Thomsen commented at the 15 July ceremony in Bucharest:
"Unlocking investment in the agricultural sector is crucial to enable agribusiness to grow, seize new business opportunities and create jobs. The European Investment Bank is pleased to strengthen cooperation with our specialised and dedicated Romanian partner for farmer finance, Agricover Credit IFN, with the new €7.5 million financing agreed today in Bucharest."
"This second tranche of financing from the EIB reinforces Agricover Credit IFN's position as a strategic partner for Romanian farmers, providing specialised financial support for all their development needs. In addition to financing large farmers, we support small and medium-sized farmers who need financial help to develop their agricultural activities in a sustainable way.
We thank the EIB for its confidence in the great potential of Romanian agribusiness and for supporting our successful business model", said Agricover Credit IFN CEO Robert Rekkers.
The European Investment Bank (EIB) is the European Union's long-term lending institution owned by its Member States. It provides long-term financing for sound investments to help achieve EU policy objectives.
Agricover Holding S.A. is a holding company that owns three Group entities, namely Agricover S.A. (specialising in the distribution of agricultural technologies), Agricover Credit IFN S.A. (the non-bank financial institution specialising in farmer financing) and Agricover Technology S.R.L. (through which the Group intends, from 2022 onwards, to provide farmers with access to the latest innovations in global agriculture and, in practical terms, facilitate a transformation in the way they do business through access to digital technologies).
Since its establishment, Agricover Group has aimed to serve Romanian farmers and provide them with innovative solutions tailored to their needs, so that they can systematically and sustainably strengthen their productivity through access to high-performance agricultural technologies and financing solutions tailored to the specific agricultural sector.
19 July 2021, Bucharest