The Black Sea Trade and Development Bank (BSTDB) provided RON 69.502 million (EUR 15 million equivalent) to Agricover Credit IFN, a Romanian financial institution specializing in financing the agricultural sector. This is the Bank’s first local currency loan to a Romanian company. The BSTDB financing will offer Romanian farmers improved access to the funding they need to improve productivity, generate added value, and create jobs.
“We are delighted to support the agribusiness sector, a major income generator in Romania. Access to finance remains a key challenge for small and medium-sized Romanian farms, and our cooperation with Agricover will enable us to help many,” said Ihsan Ugur Delikanli after the signing of the agreement.
“This new agreement with The Black Sea Trade and Development Bank will allow Agricover Credit to keep its fast pace in developing new innovative loan products to further support the growth of Romanian farmers,” said Robert Rekkers, general manager Agricover Credit IFN
The new loan builds up on the successful cooperation between BSTDB and Agricover Group started in 2013.
Agricover Credit IFN (IFN) – the financing arm of Agricover Group – is the first financial institution in Romania to offer financial products exclusively to farmers in the vegetal and livestock sectors.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries.