Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

Romania Agricover Credit IFN €20m loan under RLF



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Aug 2022



PSD disclosed:

08 Aug 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

EUR 20 million unsecured multicurrency (EUR or RON) loan (the 'Project') in two equal tranches (the first one committed and the second one uncommitted) to Agricover Credit IFN SA ('ACIFN') under the Resilience and Livelihoods Framework ('RLF').

Project Objectives

The project will help ACIFN to increase lending to farmers (MSMEs) affected directly or indirectly by the war, thereby supporting food production and security in Romania and elsewhere.

Transition Impact

ETI score: 65

ETI 65

The project aims to support ACIFN to i) fortify its lending capacity while remaining robust and operational ('Resilient') and ii) continue lending to farmers (MSMEs) affected directly or indirectly by the war ('Inclusive').

Client Information


ACIFN is an existing EBRD client. The company was established in Romania in June 2008 as a non-banking financial institution specialised in financing of the local agricultural sector. The major shareholder of ACIFN is Agricover Holding SA (99.999%; the Group), a leading player in the Romanian agricultural sector. The Group is ultimately controlled by its founder, Mr. Jabbar Kanani. In late 2017, EBRD injected RON 32 million (EUR 7 million equivalent at investment date) in the Group's capital for 12.7% stake and in 2018 approved the first loan to ACIFN (EUR 15 million in RON equivalent, in two tranches), followed by an EUR 5 million loan in 2020 under the Resilience Framework.

EBRD Finance Summary

EUR 20,000,000.00

Senior unsecured loan

Total Project Cost

EUR 20,000,000.00

Sources total: EUR 20,000,000
EBRD financing: EUR 20,000,000


The Project provides access to long-term funding in local currency.

Environmental and Social Summary

Categorised FI (ESP 2019). ACIFN is an existing clients of EBRD and performance on environmental and social (E&S) issues to date has been satisfactory and complies with the EBRD's Performance Requirements (PRs) 2, 4 and 9 under existing exposures. There is a dedicated ESMS officer in place and staffs have been provided with E&S training. ACIFN ensures borrowers comply with the environmental and social national laws and regulations in force in Romania and have standard clauses in all Loan Agreements. ACIFN will be required to comply with the EBRD's Performance Requirements 2, 4 and 9 which includes adhering to the EBRD's E&S Exclusion List and submitting Annual E&S Reports via the Sustainability Index on implementation of the ESMS and compliance with the PRs.

Technical Cooperation and Grant Financing


Company Contact Information

Denisa Manoliu

PSD last updated

08 Aug 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


GDPR Cookie Status