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EBRD lending 5 mln euro to Romania's Agricover Credit IFN

EBRD lending 5 mln euro to Romania's Agricover Credit IFN agriculture

BUCHAREST (Romania), March 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is providing a Romanian lei equivalent of 5 million euro ($5.7 million) to Romania's Agricover Credit IFN.

The funds will support the growth of one of the main, locally owned Romanian companies serving farmers in the agricultural sector, the bank said in a statement on Wednesday.

The loan will also help the firm meet the growing financing needs of Romanian farmers, as well as increase its loan portfolio and market share.

This is the second EBRD financing for Agricover Credit IFN, after a 10 million euro loan granted in 2018.

Agricover Credit IFN has a leading position in terms of granting agricultural loans and works with more than 15% of all professional farmers, EBRD said. The firm is part of Agricover Holding SA, a major player in the Romanian agricultural sector offering agribusiness and financial services to farmers.

With 19 years of experience in Romanian agriculture and over 1,000 employees, the holding supports more than 5,700 farmers through its two main subsidiaries Agricover SA and Agricover Credit IFN. In 2017, the EBRD acquired a 13% stake in the holding.

($=0.8809 euro)