The European Investment Bank (EIB) is lending EUR 15 million to Agricover Credit IFN in order to finance smaller projects implemented by SMEs in the agricultural sector. This is the first EIB transaction in Romania benefitting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. Commissioner for Agriculture and Rural Development, Phil Hogan, said:“Today’s announcement by the EIB to provide seed finance for agricultural SMEs in Romania is another welcome boost for investment, jobs and growth in rural areas. It should serve as a template for similar projects in the pipeline across rural Europe.” The EIB has joined forces with Agricover Credit IFN, currently the only financial institution in Romania focused exclusively on financing farmers and their projects. The EIB loan will help to address the broader issue of lack of financing for Romanian agricultural SMEs and so contribute to a better realisation of Romania’s agricultural potential.
