BSTDB Supports Agribusiness in Romania
OREANDA-NEWS. The Black Sea Trade and Development Bank (BSTDB) is providing EUR 15 million to Agricover Group, a leading agricultural company in Romania. The grain production and processing chain, including high-value finished products is one of Romania’s economic policy priorities. About half of the Bank’s financing will support the Group’s grain production, processing and trading arm - Agricover SRL in its vertical integration and business expansion in the Black Sea region, while the remaining USD 7,5 million will be used by Agricover Credit IFN, the Group’s financial arm, to finance Romanian grain farmers.
“Agribusiness is a major income generator and a crucial source of wealth and employment in Romania. By financing the expansion of Agricover Group, the Bank underscores its commitment to support well-managed and dynamic companies capable to lead the industry modernization and to contribute to Romania’s export growth and to the regional economic cooperation, which is a key objective of BSTDB as a regional development bank” stated Mustafa Boran, BSTDB Vice President signing of the loan agreement in Bucharest.
“One of the Romanian major objectives is to develop a sustainable agriculture, this it is also a priority for Agricover Group, who supplies’s comprehensive solutions for the local agribusiness. The loan from the Black Sea Trade and Development Bank will allow us to continue to develop new agri-business products, innovative services and to offer customized financing solutions, adapted to the local context”, said Robert Arsene, CEO Agricover Group.
“The success of a business in agriculture heavily depends on the capital resources. Agricover Group, through Agricover Credit IFN, is continuously looking to offer farmers new financing solutions. This agreement signed with a prestigious banking institution like the Black Sea Trade and Development Bank represents an investments in the future of the Romanian agribusiness, which can be a real, sustainable engine of the economy’s development”, said Robert Rekkers, General Director at Agricover Credit IFN.”