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Bucharest
April 22, 2021
BUSINESS

EUR 15 M Black Sea Trade and Development Bank loan for Agricover Group

Agricover Group, one of the most important players in the Romanian agribusiness, yesterday signed an agreement with the Black Sea Trade and Development Bank (BSTDB) for a loan of EUR 15 M. Half of funds will be invested in the development of the cereal procurement, processing and trading division – Agricover SRL, in an effort of vertical integration and expansion of business in the Black Sea region. The rest of the borrowed money will be spent by Agricover Credit IFN, the financial division of the group, for financing farmers. The agreement will contribute to the development of grain producers and of the processing chain, as well as realisation of superior quality finite goods, which is one of Romania’s economic policy priorities. ‘This loan is a confirmation of the potential of Romanian agriculture. We have had 20 per cent business growth rate year-on-year,’ Agricover Group CEO Robert Arsene told a press conference. According to the General Manager of Agricover Credit IFN, Robert Rekkers, the average loan currently given is EUR 100,000 and, in the first five months, the financial institution awarded total loans worth RON 270 M. Agricover Credit IFN now finances over 800 agriculture operators working over 500,000 hectares of farmland.

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