Romanian non-bank financial institution Agricover Credit IFN, a subsidiary of Agricover Holding, received EUR 12.5 million in financing from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
The new funds will enable Agricover Credit IFN to expand its financing for agriculture and help farmers hit by the coronavirus outbreak and its economic impact.
The EBRD, a shareholder in Agricover Holding, is providing a new EUR 5 mln facility, increasing its financing to the company to EUR 20 mln.
The EIB is extending the first tranche of EUR 7.5 million from a total approved loan amount of EUR 15 mln.
“Through this additional funding from the EBRD and EIB, Agricover Credit will continue to offer specialized financial support, without any disruption and fostering a safe and comfortable environment for all our farmer partners,” stated Agricover Credit IFN CEO Robert Rekkers.