EximBank and Agricover Credit IFN extend their cooperation and increase the loan agreement up to 200 Million Lei.
Eximbank and Agricover Credit IFN have agreed to extend and supplement the loan agreement existing between the two parties in order to support the necessary resources for developing new financial products and services for the Romanian farmers.
”The new agreement provisions an add-on of 50 Million Lei and the extension of the disbursement period up to 2022. Agriculture is a strategic domain for us and the partnership with Agricover Credit IFN allows us to actively contribute to the support of Romanian agri-business especially now when the farmers already have a difficult time and need flexible and fast financial support. We are thus contributing to offer the solutions for covering the cash needs of local farmers helping them to overcome the present set-backs and develop their businesses”, said Traian Halalai, Executive President of EximBank.
EximBank and Agricover Credit IFN have concluded the first financing agreement in 2013, with the bank granting a loan of 70 Million lei to the company. The agreement has been extended year over year supporting thousands of local farmers. In 2019 Agricover Credit IFN has granted loans amounting at 1.88 Billion lei, up by 16% as compared to 2018, whilst the active customers number reached 3.434, increasing by 23% as compared to last year.
Agricover Credit IFN, a subsidiary of Agricover Holding S.A., is involved in financing agriculture and has been efficiently supporting Romanian agriculture for 12 years offering specialized solutions for farmers’ businesses development.
”We have a good understanding of Romanian agriculture and get to know the needs of each farmer which creates a competitive advantage for us in terms of developing specific financial solutions that meet the potential cash flow demands. Agriculture is less impacted by the pandemic but the extended drought period that impact Southern Romania generates uncertainty and might have an adverse impact on future crops and farmers’ revenues. Considering this difficult background, we continue supporting the farmers, help them face the unwanted situations and offer them highly performance financial solutions for developing their businesses. The recent increase of our company working capital by almost 47 Million lei and the add – on to the agreement in place with EximBank will enable us to move one step forward in order to offer to our partners, the farmers, real solutions adjusted to the new economic conditions”, declared Robert Rekkers, General Manager, Agricover Credit IFN.