EBRD gives EUR 20 mln loan to Romanian farm lender Agricover IFN

The European Bank for Reconstruction and Development (EBRD) announced on August 2 that it approved a EUR 20 mln loan to Agricover Credit IFN, a non-bank agricultural lender in Romania, to support the investment and working capital financing needs of farmers.

The loan is part of the EBRD's Resilience and Livelihood Framework, worth two EUR 2 billion, which aims to support countries and companies affected by the war on Ukraine.

Agricover Credit IFN works with over 4,700 farmers in Romania. It is a subsidiary of Agricover Holding, which offers financial and agribusiness services to farmers through a well-integrated business model, focused on meeting the essential needs of farmers.

The company, an EBRD client since 2018, is wholly owned by Agricover Holding SA, a major player in the Romanian agricultural sector with over 20 years of activity, in which the EBRD is a shareholder.

(Photo source: Andres Oliveira/Dreamstime.com)