EBRD invests 7 million euros in Romanian based Agricover
EBRD announced that the tranzaction will be finalized before the end of 2017 and that it is subject to statutory approvals.
Agricover Holding SA is a major player in the Romanian agricultural sector, offering agribusiness and financial services to farmers through a highly integrated and original business model centred around satisfying the essential needs of farmers. The company has 850 employees and it supports more than 4,500 farmers through its two main subsidiaries Agricover SRL and Agricover Credit IFN. In 2016, the firm reported a turnover of 1.2 billion lei and provided 1.0 billion lei in financing.
“We are joining forces with the EBRD to accelerate our support for the development of modern agriculture in Romania. Together with the Bank we will continue to provide farmers with innovative solutions designed to enhance the performance of their farming activities,” said Jabbar Kanani, President of Agricover Holding SA.
The EBRD’s investment will support the growth of one of the main locally owned Romanian companies serving farmers in all agricultural sectors. The funding will allow the firm to meet the growing financing needs of local farmers and will ensure that a larger number of small and medium-sized farms will gain access to modern technologies and markets.
"We have been following Agricover’s development with great interest over the past few years. The company has developed a unique structure that has proven to be resilient to the risks inherent in the agribusiness sector. We hope that with our support it can become a role model for other countries where primary agriculture is an important part of the economy," Miljan Zdrale, EBRD Regional Head for Agribusiness in central and south-eastern Europe, added.
“Small and medium-sized farms are a driving force of Romania’s agriculture. We are pleased to be partnering with Agricover Holding and we trust that our investment will strengthen farmers’ confidence as well as demonstrate the EBRD’s long-term commitment to Romania’s agribusiness sector,” said Matteo Patrone, EBRD Regional Director for Romania and Bulgaria.
The EBRD is one of the largest institutional investors in Romania, having invested €7.6 billion in more than 400 projects in the country. Total investment in agribusiness accounted for €10.3 billion in 624 projects across the EBRD’s countries of operations of which €700 million for 36 projects was invested in Romania.
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