Agricover granted loans worth RON413 million in 2012, up 38% on the year. The number of farmers who received financing increased 48% compared with 2011.
The lender has a solvency ratio of 28.4%. Loans overdue by more than 90 days represent 1.3% of total loans.
Agricover Credit’s own funds amount to RON80.28 million. Last year, it borrowed EUR12.5 million from International Finance Corporation, the investment division of the World Bank, EUR8 million from German fund EFSE and over RON147 million from local banks.
Agricover targets to increase loans by 33% this year and attract at least 400 new clients.
Founded in 2008, Agricover Credit is the lending arm of Agricover group and is aimed exclusively at agriculture financing.
Robert Rekkers was appointed general manager of Agricover Credit in January 2013.
Agricover group registered turnover of RON970 million in 2012, up 5% on the year. The group is controlled by businessman Jabbar Kanani and employs over 600 people. (EUR1=RON4.3806)