EximBank and Agricover Credit continue their cooperation extending the loan agreement to 150 Million Lei
Bucharest, June 21, 2018 – EximBank and Agricover Credit, the first non-banking financial institution specialized exclusively on financing agricultural projects, have agreed upon prolonging and extending the loan agreement they have in place in order to ensure the necessary resources for developing new products and services for Romanian farmers.
”The new agreement adds on 50 Million Lei to the loan agreement amounting at 100 Million Lei and extends the drawdowns by four months, up until end August next year. Additionally, the company will benefit from a treasury line of two million Euro granted by EximBank that will allow the financial costs optimization. We are now entering the sixth year of business relationships with Agricover Credit; we see this as a valid proof that EximBank continues to follow its solid engagement of supporting the business environment, probing one again our capacity of getting involved in long term projects that positively impact directly the micro and macro economy, especially considering that our partnership allows us to contribute to the financing and therefore the development of successful agricultural businesses in Romania”, said Traian Halalai, Executive President of EximBank.
EximBank and Agricover Credit have concluded their first financial agreement in 2013, the bank granting a loan amounting at 70 Million Lei (more than 15.5 Million Euro). The agreement has been extended year over year ensuring resources for thousands of local farmers. In 2017 only, Agricover Credit has granted more than 1.37 Billion Lei to more than 2.300 farmers.
Agricover Credit is the Agri-Finance division of Agricover Holding, which by its strong integrated business model offers specialized solutions for Romanian agriculture business development. Agricover Credit, one of the key players in financing agriculture, is offering innovative financial products to farmers active in vegetal and animal sectors, having a mobile commercial team of financial consultants that cover the entire national territory.
”The outstanding growth in credits volume granted by Agricover Credit during last years confirms the accelerate development trend of Romanian agriculture and the fact that farmers need specialized financing structures to support productivity growth and consequently their business performance. Continuing our partnership with EximBank and extending the loan agreement allow us to maintain the rapid development by offering new innovative financial products and services designed for a modern and profitable agriculture.”, declared Robert Rekkers, General Manager of Agricover Credit.
About EximBank
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: miruna.lebedencu@eximbank.ro 021 405 30 90
About Agricover Credit IFN
Agricover Credit IFN is the first Romanian financial institution specialized in financing the agricultural sector. The company offers to the farmers active in vegetal and animal sectors both financing for working capital on short term and medium and long-term investments loans. In 2017, Agricover Credit has placed a total volume of 1.37 Billion Lei in loans granted to Romanian farmers and has registered net profits of nearly 30 Million Lei, 19% higher than in 2016. In 2017, the company has opened two new branches in Timisoara and Craiova, reaching eight agricultural offices in the main farming regions.
Additional details: ioana.botea@agricover.ro 0741.222.274 www.agricover.ro