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August 10, 2022

BRD relies on farm loan exposure going up to 10.6 pc

The Romanian Development Bank (BRD) aims to increase its farm loan exposure from 8.5 per cent to 10.6 per cent of all the credit lent, Roxana Cosmescu, executive director Commercial Division, said yesterday during the signing ceremony of a new cooperation protocol between the Guarantee Fund and the Rural Credit Guarantee Fund (FGCR). The short-term loans, up to 12 months, are aimed at production, and therefore won’t include investments. The loan ceiling is the RON equivalent of EUR 400,000. Farmers must put up own collateral for the remaining 20 per cent. Also on that occasion, Agriculture Minister Valeriu Tabara said the Ministry would bear the costs equivalent to the recent diesel fuel price hikes, provided the European Commission gives its nod. He also referred to ministry calculations related to the upcoming budget adjustment, where ministerial officials are hopeful to obtain some extra funding.

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