ProCredit Bank continues to support the agricultural sector by financing Agro Nevada Tim Group with EUR 1.8 million
Bucharest, 21 August 2023: ProCredit Bank is financing Agro Nevada Tim Group with EUR 1.8 million for the purchase of new agricultural machinery through the "AGRI" SME co-financing programme in partnership with the European Investment Fund.
The loan is for the purchase of new tractors, seed drills, discs and accessories. Thus, with this investment, Agro Nevada Tim Group continues its efforts to invest in high-performance and intelligent machinery, as well as in integrating the most advanced technologies in its activity. Agro Nevada Tim Group currently works over 16,000 ha of agricultural land.
ProCredit Bank has been working with Agro Nevada Tim as a financing partner since 2014. The total financing in recent years under this partnership amounts to EUR 4 million. The amount has been used for long-term investments aimed at developing the business and streamlining work processes.
„Given the size of our farm, one of the challenges we face is the ability to get the work done on time, in terms of increased efficiency and high quality. In today's environment, the volatility of prices when harvesting cereal crops increases the importance of controlling production costs and reducing them. This investment helps us to achieve better yields and consistent crop quality at considerably lower production costs.” stated Corvin-Petru Mateiu, Administrator Agro Nevada Tim.
„For us at Procredit Bank, the agricultural sector is strategic. More than 45% of our financing in the western part of the country is dedicated to small and medium-sized farms. Since the beginning of our collaboration, almost 10 years ago, we have found in the entrepreneur Corvin-Petru Mateiu the will to succeed despite all challenges. The company's investments in new machinery and irrigation systems are in line with our strategy of financing investments in sustainable and environmentally friendly agriculture." declared Karoly Kiss, Director of the ProCredit Bank branch in Timisoara.
Agro Nevada Tim, based in Voiteg, is the largest vegetable farm in Timis County with 100% Romanian ownership. The company was built on a strategy of expansion, both by taking over working areas and making acquisitions. In the last two years the company has also invested heavily in a modern irrigation system. The investment in this direction amounts to EUR 5 million, of which more than half was supported through their own resources. Among the main crops in the producer's portfolio are staple food crops such as wheat, rapeseed, maize and soya.
The EUR 1.8 million funding was granted in partnership with the European Investment Fund, through a programme aimed at developing Romanian agricultural businesses and offering favourable credit conditions. The loans have the main advantage of subsidising interest and reducing the need for collateral by up to 50% and are targeted at farmers and entrepreneurs in rural areas.
ProCredit Bank Romania:
ProCredit Bank Romania is part of the growth-oriented ProCredit group of commercial banks for small and medium-sized enterprises (SMEs). ProCredit Holding AG, based in Frankfurt am Main, Germany, is the parent company of the ProCredit Group. In addition to its operational focus on South Eastern and Eastern Europe, the ProCredit Group is also active in South America and Germany. The company’s shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange. The chor shareholders of ProCredit Holding AG include the strategic investors Zeitinger Invest and ProCredit Staff Invest (the investment vehicle for ProCredit staff), the Dutch DOEN Participaties BV, KfW and IFC (a member of the World Bank Group). As the group’s superordinated company according to the German Banking Act, ProCredit Holding AG is supervised on a consolidated level by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank.