Romanian agribusiness Agricover has contracted some EUR 15.5 million in funding from EximBank Romania. The money will provide “the resources needed to develop the business,” according to EximBank.

The president of EximBank Traian Halalai said that agriculture is one of the Romanian economy's “priority areas” at the moment. Local farmers will also receive indirect funding via the financing line extended to Agricover, according to the EximBank president.

Agricover Group is a hub for agriculture and acts as middleman between farmers and the food industry. The Group has over 3,000 client farmers – who together own about a fifth of the total worked arable land in Romania. The group has some 110 customers in the processing industry, including bakeries, feed suppliers and the meat and meat industry.

“With Eximbank as a partner we can continue to develop innovative financial products and services to offer complete integrated solutions to both farmers and the food industry,” said Agricover CEO Robert Rekkers. Agricover Group plans international expansion and already has interests in Bulgaria, with further expansion in “neighboring countries” on the cards, according to the company.

The EximBank president indicated that the bank would be interested in further cooperation with Agricover, particularly in light of its aspirations for international expansion.

Eximbank has a network of 12 units in Bucharest, Bacau, Brasov, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva, Iasi and Sibiu.

editor@romania-insider.com