about us | newsletter | contact | archive | members area
Gabriel Pantelimon, Xerox
Romania has also become known for its high quality human resources»
  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  |  3909 Views
Daily Info
Vardinogiannis Group finalized the acquisition of Marfin Bank in Romania

Vardinogiannis Group, one of the most solid and well capitalized business conglomerates in Europe, finalized the acqusition of Marfin Bank, after receiving approval from the N...

Continental to list powertrain division mid-2019

Continental is moving ahead with an initial public offering of its powertrain unit and new corporate structure in the car-parts maker's biggest overhaul in decades.

Porsche Engineering Romania relocates its headquarters in Cluj-Napoca

Two years after its official opening event, Porsche Engineering Romania inaugurated its new headquarters in Vivido Business Center in Cluj.

Dacia posts half-year sales record

Dacia posted a half-year sales record in Europe with 281,225 vehicle registrations (up 14.6 per cent) and a record 2.9 per cent share of the market, according to world sales r...

Industry 4.0: EIB supports construction of new Arctic factory in Romania

The European Investment Bank (EIB) is lending 68 million Euro to white goods producer Arctic to finance the construction of a large-scale washing machine production plant feat...

 
 
   
advertising

advertising

advertising

advertising

More on News
Anca Jurma named interim chief prosecutor of Romanian anti-corruption agency

Prosecutor Anca Jurma has been named the interim chief prosecutor of the Romanian anti-corruption agency (DNA) following an order by the General Prosecutor Augustin Lazar. ...

2 Comments

Dacia posts half-year sales record

Dacia posted a half-year sales record in Europe with 281,225 vehicle registrations (up 14.6 per cent) and a record 2.9 per cent share of the market, according to world sale...

Romanian M&A market speeds up in Q2, says Deloitte

The M&A market in Romania marked a significant recovery in the second quarter of this year, reaching 391 million Euro, compared with 258 million Euro in the first three mon...

1 Comment

Healthy Central European private equity activity levels set to continue, says Deloitte

The strong momentum underway in Central Europe's private equity markets should continue, according to the latest Deloitte Central Europe Private Equity Confidence Survey.

1 Comment

Vardinogiannis Group finalized the acquisition of Marfin Bank in Romania

Vardinogiannis Group, one of the most solid and well capitalized business conglomerates in Europe, finalized the acqusition of Marfin Bank, after receiving approval from th...

Continental to list powertrain division mid-2019

Continental is moving ahead with an initial public offering of its powertrain unit and new corporate structure in the car-parts maker's biggest overhaul in decades.

Engie acquires Romanian IoT company Flashnet, specialized in Smart Public Lighting

ENGIE announces the acquisition of 60 per cent of Flashnet, a Romanian Internet of Things (IoT) company.