EBRD extends extra funds worth EUR 5 mln to Romania's Agricover

The European Bank for Reconstruction and Development (EBRD) extended another EUR 5 million to leading Romanian agricultural loan provider Agricover Credit IFN.

The EBRD, which is also a shareholder of Agricover Holding, the parent company of Agricover Credit, provided Agricover Credit with a EUR 10 million loan last year.

Agricover Credit IFN, a firm that finances the agricultural sector in Romania, aims to expand local farmers’ access to finance. The EBRD’s action is part of the bank’s continued support for access to finance for farmers in the region.

Agricover Credit IFN has a leading position in terms of granting agricultural loans and works with more than 15% of all professional farmers in Romania. The firm is part of Agricover Holding, 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 company supports more than 5,700 farmers through its two main subsidiaries, Agricover and Agricover Credit.

In 2017, the EBRD acquired a 13% stake in Agricover Holding. The group's majority shareholder is Jabbar Kanani.