The loan is part of the EBRD’s EUR2 billion Resilience and Livelihoods Framework helping countries and companies affected by the war on Ukraine.
“Romania reached record agricultural production in 2021 and has significant capacity for grain and oilseeds production. While Romanian farmers are facing increased input prices and rising energy bills, this record production, coupled with high output prices and higher international demand for crops now, combine to support local farmers to adapt to the current environment”, according to the EBRD officials.
Agricover Credit IFN works with more than 4,700 farmers in Romania. It is a subsidiary of Agricover Holding, which offers agribusiness and financial services to farmers through a highly integrated business model centred around satisfying the essential needs of farmers.
Agricover Credit IFN, an existing EBRD client since 2018, is wholly owned by Agricover Holding S.A., a major player in the Romanian agricultural sector with over 20 years of activity, in which the EBRD is a shareholder.
At end-2021, the subsidiaries of Agricover Holding had a total 470 employees.
To date, the EBRD has invested almost EUR9.7 billion in 488 projects in Romania.