Agricover SME (IFC-41560)

Countries
  • Romania
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 7, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AGRICOVER CREDIT IFN SA
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Climate and Environment
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 9.79 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 40
Converted using 2018-11-05 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 13, 2019

Disclosed by Bank Nov 5, 2018


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Project Description

This project provides financing to Agricover Credit IFN for funding long-term investments proposed by small and medium-sized enterprises (SMEs) engaged in agribusiness in Romania, including small-scale climate energy efficiency and renewable energy projects.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
Private Actors

According to Bank documents, IFN’s majority shareholder is Agricover Holding SA owning 99.99% of the Company. Agricover Holding SA is 87.27% owned by Mr. Jabbar Kanani, a Romanian citizen of Iranian origin, whereas 12.72% is owned by the EBRD. Remaining 0.0004% stake represents minority shareholders.

Contact Information

Agricover Credit IFN SA 
Robert Rekkers 
General Manager 
robert.rekkers@agricover.ro  
Cubic Center Building, Bd. Pipera, nr 1B, etaj 6, Voluntari, Iflov, Romania 
www.agricover.ro/finantare  

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/