The European Fund for Southeast Europe (EFSE) has granted a EUR 7 million loan to the Romanian company Agricover Credit IFN. The money will be used to grant loans to farmers, according to a statement released by EFSE and Agricover.

"Our constant collaboration with the European Fund for Southeast Europe (EFSE) allows us to provide more loans to farmers, to support investments and bring value to the Romanian agricultural sector," said Robert Rekkers, general manager of Agricover Credit IFN.

The European Fund for Southeast Europe (EFSE) was initiated by the German bank KfW Development Bank (KfW), with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. The fund aims to support economic development in several south-eastern European countries, Romania included.

Agricover Credit, founded in 2008, is the only financial institution in Romania that provides loans only to farmers. The company is part of Agricover Group, an integrated agribusiness group which estimates a turnover of EUR 300 million in 2014.

Diana Mesesan, diana@romania-insider.com