EximBank and Agricover Credit IFN extend their cooperation and increase the loan agreement up to 200 Million Lei
Bucharest, June 15, 2020 – EximBank and Agricover Credit IFN, the main financial institution aiming at financing the Romanian agriculture 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. Agricover Credit IFN offers innovative financial products for financing the working capital and the investments of the farmers active in vegetal and animal sectors, having a mobile commercial team of financial consultants that cover the entire national territory.
”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.
EximBank is a specialized institution actively involved in supporting and promoting the Romanian business environment. Its specific financial instruments are exclusively targeted to the corporate segment and may be accessed in advantageous conditions by any type of company, either SME or big company, involved in international transactions or solely active on local market. The companies benefit from a competitive portfolio of treasury, cash management, trade finance and factoring products, that come to add up to the financing and guaranteeing offer. In addition, acting as a state agent on the Romanian market of guarantees and insurance, EximBank is the main channel for the public funds made available by the state to be disposed in the real economy. Additional details at www.eximbank.ro.
About Agricover Credit
Agricover Credit IFN, subsidiary of Agricover Holding S.A., is the first Romanian financial institution offering financial products exclusively to farmers active in vegetal and animal sectors. Knowing and understanding the specifics of agriculture allow the development of innovative financial products for financing the working capital and investments in a flexible manner, tailored to the farmers’ needs. Agricover Credit IFN has developed in a fast pace becoming in just a few years one of the key players in financing the farmers. Agricover Holding combines the activities of Agri-Business and Agri-Finance. Agricover Group has a strong integrated business model and positions itself as a key component of supporting the whole agriculture chain efficiency by offering specialized solutions for Romanian farmers’ businesses development. Additional details at www.agricover.ro