EximBank grants 5.5 Million Euro to Comfert Bacau
Bucharest, March 11, 2013 – EximBank has recently concluded a financing agreement amounting at 25 Mil Lei (almost 5.5. Mil Euro) with Comfert Bacau, one of the main players on the fertilizers distribution, agricultural certified seed and pesticide market.
”We wish to become more involved in supporting Romanian companies active in the strategic economy domains and agriculture is one of these. The development of this sector could lead to profits, new working places and economic growth. The financing granted to Comfert will allow the company to deliver the necessary resources (fertilizers, pesticide and seed) to small farmers or big agricultural associations as well, in order to foster further development of the successful businesses in Romanian agriculture” declared Traian Halalai, President of EximBank.
Comfert business have registered an accelerate growth for more than three years, the company being involved in fertilizers distribution as well as agricultural production – exploiting more than 7000 hectares of land and occupying a significant position on the agricultural throughput trade market.
”The fact that we now have a partnership with EximBank allows us to maintain our competitive advantage offered by the capacity of financing the farmers by supplying the fertilizers at the beginning and along the specific agricultural works and accepting the payment at the end of the respective activities, even by the cropped products. We are thus supporting the development of our products and growing ourselves as a company”. declared Catalin Grigoriu, Administrator and sole shareholder of Comfert.
The cooperation between EximBank and Comfert regarding financing products started last year when the company was granted a credit line of the same amount as this year.
”The relationship between EximBank and Comfert is not very long but is very strong. We are trying to include in our portfolio as much partnerships as this one aiming at generate a win- win relationship with the business environment and I am deeply convinced that we will advance on this path.”, added Traian Halalai, President of EximBank.
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantee and insurance. The financing package offered by the bank consists in standard financing for current activity or investments and specific products under the state aid category: subsidized interest rate loans and partial compensation of the interest rate, allowing the repayment of up to 50% of the interest rate paid for the investment credits granted by the commercial banks. State guarantees offered by EximBank support the companies that need financing but cannot present enough collateral guarantees also being able to take over a significant part of the credit risk and thus facilitating the access to financing products. In terms of insurance, EximBank covers the commercial and political risks that might be incurred by the international commercial transactions or by the investments activities of the Romanian companies abroad. The Bank has a network of 12 units in Bucharest, Bacau, Brasov, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva, Iasi and Sibiu; also, interested companies may access additional information on www.eximbank.ro.
The company has been established in 1998, having as main activity the retail trade for chemical products. In time the activities have been extended, at present the company being one of the top 5 players on the seed, fertilizers and other agricultural products distribution market, owning agriculture production facilities and being an important cereals trader. Recently, Comfert acquired – in association with another company – one of the oldest Romanian bakery products companies – Pambac Bacau. The development plans of Comfert include the consolidation of fish growth and aquaculture activities, entering the zoo technical market and bio mass production. Moreover, Comfert plans to develop its storage facilities at almost 80.000 tons from 60.000 tons at present. The development strategy of the company is based on the constant increase of the client portfolio, supporting the growth of the agricultural inputs consumption as well as consolidating the specific markets.