EBRD and EIB make €12.5 million of new funds available to Romanian farmers
The coronavirus pandemic had had detrimental effects on Romania’s agricultural sector and farmers. Agricultural producers in Romania have faced adversity with the disruptions to demand, supply chains, exports, and the uncertainty leading into the 2020 harvest season. Collaboratively, the European Investment Bank (EIB), European Fund for Strategic Investments (EFSI), and European Bank for Reconstruction and Development (EBRD) created a new financing initiative of €7.5 million and €5 million respectively for Agricover Credit IFN. In effect, Agricover Credit will be able to provide financial support to the agricultural sector and to professional farmers in Romania. They will provide affordable loans and additional financial resources for farmers to regain financial stability during these unprecedented times. The support of the leading international financial institutions has provided some comfort to farmers and instilled confidence for markets to operate in these challenging conditions.