wheat field harvest
BUCHAREST, ROMANIA — The International Finance Corp. (IFC), a member of the World Bank Group, said it is providing a RON 70 million ($17.2 million) loan to Agricover Credit IFN to support Romania’s agribusiness sector. The loan comes on top of a similar loan of €12.5 million provided back in 2012.

“This new agreement allows us to further support the development of small and medium-sized farmers by improving their access to the funding they need to increase their productivity and generate added value, both for their own businesses and for the sector,” said Robert Rekkers, chief executive officer of Agricover Credit IFN. “We have the necessary resources and plan to provide more affordable financing to this target segment.”

According to the IFC, Romania has the second-largest amount of arable land of any country in Europe, and its agriculture sector employs approximately 35% of the country’s workforce.

“We are working with Agricover Credit IFN to ensure that even small farmers have access to finance,” said Manuel Reyes-Retana, IFC regional head for Financial Institutions Group in Europe, Middle East and North Africa. “By deepening our reach beyond traditional banking institutions, we strengthen the capacity of alternative financiers to meet the capital needs of key underbanked sectors like agribusiness.”