Agricover Credit IFN has EUR 12.5 million for farmers

Agricover Credit IFN, part of Agricover group and the only financial division specialized exclusively on agriculture, signed a financing agreement worth EUR 12.5 million with The International Finance Corporation (IFC), member of the World Bank Group.

The credit line target financings for small and middle-sized farmers in Romania which can borrow the money to acquire agriculture equipments or they can use it for expanding or building farms. According to Liviu Dobre, general manager Agricover Credit IFN, the agreement established with IFC settles a strategic partnership between the two institutions.

The loans which will be offered through the credit line in Euro currency and they will have a maturity of up to 36 months. Also, in order to benefit from the money, the investors in local agriculture should have a 20 percent from investment available for the advance asked by the bank. Also, the loan will have two rates for reimbursement.

At the end of 2011, Agricover Credit IFN enlarged the client portfolio to 700, totaling credits worth 300 million RON.

For 2012, though the EUR 12.5 million worth credit line and other financing sources, the bank plans to lend loans worth 400 million RON, 33 percent over the amount reported in 2011.

Source: The Diplomat