BSTDB lends 69.5 mln lei (15 mln euro) to Romania's Agricover Credit IFN

The financing will offer Romanian farmers improved access to the funding they need to improve productivity, generate added value, and create jobs, BSTDB said in a press release.

This is the bank’s first local currency loan to a Romanian company.

"Access to finance remains a key challenge for small and medium-sized Romanian farms, and our cooperation with Agricover will enable us to help many," BSTDB president Ihsan Ugur Delikanlisaid.

The new loan builds up on the successful cooperation between BSTDB and Agricover Group started in 2013.

"This new agreement with The Black Sea Trade and Development Bank will allow Agricover Credit to keep its fast pace in developing new innovative loan products to further support the growth of Romanian farmers," Agricover Credit IFN general manager Robert Rekkers said.

Agricover Credit IFN is a non-banking financial institution which offers financial products exclusively to farmers in the vegetal and livestock sectors. It is part of Agricover Holding, a major player in the Romanian agricultural sector.

The BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.

BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries.

(1 euro=4.6276 lei)