By Olga Rosca
A €10 million(US$11.87million) loan from the European Bank for Reconstruction and Development (EBRD) will help Romania’s leading distributor of agricultural technologies, Agricover SA, to meet growing working capital needs.
Agricover SA focuses on plant protection and nutrition products, certified seeds and fuel, as well as innovative agricultural solutions for Romanian farmers.
The new loan will provide additional working capital as the company prepares to bolster its growth strategy to address the needs of small and medium farms facing challenging economic conditions. The funds will also enable Agricover to further expand, including into more remote regions of Romania, and continue enhancing its corporate governance for socially responsible and sustainable economic development.
The company is a subsidiary of Agricover Holding SA, a major player in the Romanian agribusiness sector, with the EBRD as a shareholder since 2017. The Bank has so far provided €20 million in loans to Agricover Credit IFN, another subsidiary of Agricover Holding SA, specialised in offering financial services to farmers.
The EBRD is a major investor in Romania. To date, the Bank has invested €8.8 billion in the country’s economy through 449 projects.