about us | newsletter | contact | archive | members area
Gabriel Pantelimon, Xerox Romania
"The company's strategy is to increase sales on the hardware segment"»
  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  |  913 Views
Daily Info
BVB second place in the region by number of IPOs in H1 2017

Bucharest Stock Exchange (BVB) is the second market in Central and Eastern Europe where initial public offers (IPOs) were successfully concluded in the second quarter of this ...

IULIUS and Visma Software sign deal for 4,200 sqm in UBC 3 building within Openville Timisoara

The IULIUS Company and Visma Software, a Norwegian developer of business management software solutions, have signed a lease agreement for office premises within the United Bus...

Transgaz signs Memorandum of Understanding for the Vertical Corridor

Transgaz hosted the meeting between the representatives of the gas transmission system operators in Greece - DESFA, Bulgaria - BULGARTRANSGAZ, Romania - Transgaz, Hungary - FG...

MOL Group partners with Evonik and thyssenkrupp for the Polyol Project

MOL Group has signed license agreements with Evonik and thyssenkrupp, to produce propylene oxide, a key component for the production of polyether polyols. MOL intends to becom...

C&W Echinox recruits Anamaria Tihu to expand its industrial department

Cushman & Wakefield Echinox consolidates its industrial department by recruiting Anamaria Tihu, a specialist with over 10 years' experience in sales. Anamaria Tihu will act as...

 
 
   
advertising

advertising

advertising

advertising

More on News
Over 19,000 business plans submitted for Start-Up Nation program

Start-Up Nation Government program attracted over 19,000 business plans and a new edition will take place next year, said Ilan Laufer, Minister for the Business Environment...

PM Sorin Grindeanu: 5.7 per cent economic growth - confirmation that the measures taken by the Government are the right

The 5.7 percent economic growth registered in the first quarter of 2017, as compared to the first quarter of 2016, an evolution which exceeds the expectations of analysts a...

President Iohannis to hold political consultation to designate future PM

Parliamentary parties are invited today to the Cotroceni Presidential Palace for consultations with President Klaus Iohannis over the designation of the future prime minist...

Sorin Grindeanu hails the support for CVM lifting before 2019

Prime Minister Sorin Grindeanu met at Victoria Palace with the European Commission President Jean-Claude Juncker. The meeting was also attended by the Public Finance Minist...

New law on ports administration would be very damaging for Romanian state budget, Fondul Proprietatea says

Fondul Proprietatea is concerned by the renewed steps to approve the draft law amending the Government Ordinance on ports administration, which was re-examined and approved...

EBRD launches energy efficiency framework for Romanian households

Supporting Romanian households to save energy and money, the European Bank for Reconstruction and Development (EBRD) is launching a 100 million Euro Green Economy Financing...

EIB lends one billion euro to Romania for transport infrastructure projects

The European Investment Bank (EIB) is lending one billion Euro to co-finance with European Structural and Investment Funds priority transport infrastructure projects totall...