EIB and EBRD boost financing to Romanian farmers
Farmers in Romania are set to benefit from improved access to finance thanks to new funds provided to Agricover Credit IFN by the European Bank for Reconstruction and Development and the European Investment Bank.
The EBRD, a shareholder in parent comany Agricover Holding, is providing a new €5 million facility, increasing its financing to the company to €20 million. And the EIB is extending a first tranche of €7.5 million from a total approved loan amount of €15 million. The EIB financing is guaranteed by the European Fund for Strategic Investments.
The new funds will enable Agricover Credit IFN - which finances the agricultural sector and works with more than 15% of all professional farmers in Romania - to expand its financing for agriculture and help farmers hit by the coronavirus outbreak and its economic impact.
