Romanian agriculture lender borrows EUR 10 mln from EBRD

Agricover Credit IFN, a local company that provides financing to farmers, has received a EUR 10 million loan from the European Bank for Reconstruction and Development (EBRD). The loan will allow the firm to meet the growing financing needs of local farmers, increase its loan portfolio and market share. 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. Last year, the EBRD took a 13% stake in Agricover Holding for some EUR 7 million. Agricover Holding has about 850 employees and serves some 4,500 farmers in Romania. The group is controlled by Iranian investor Jabbar Kanani. EBRD is one of the biggest institutional investors in Romania. Last year, the bank provided over EUR 0.5 billion worth of financing to local businesses. editor@romania-insider.com