MICROCAPITAL BRIEF: IFC Loans $17m to Romania’s Agricover for Lending to Small, Medium-sized Agricultural Businesses

The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently announced it will loan RON 70 million (USD 17 million) to Agricover Credit, a non-banking financial institution in Romania, to boost the financial inclusion of farmers as well as small and medium-sized agribusinesses in Romania. This is the second loan by IFC to Agricover, following a 2012 transaction in the amount of EUR 12.5 million (USD 14 million).

Established in 2008, Agricover Credit lends exclusively to the Romanian agricultural sector. It is a member of the Agricover Group, which reports 2016 turnover of approximately RON 1.1 billion (USD 270 million) and net income of RON 15 million (USD 3.7 million).

IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2016, IFC has 184 member countries and total assets of USD 90.4 billion.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

IFC press release:
http://ifcextapps.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0-/FC5A888AE9FB982F8525812B00364D3C

The International Finance Corporation:
http://www.ifc.org/

Agricover Credit:
http://agricover.ro/

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $8.3 to Agricover Credit of Romania for Agricultural Micro-, Small Businesses
https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-8-3-to-agricover-credit-of-romania-for-agricultural-micro-small-businesses/

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