CEC boss indicates that 12% of the bank’s loans are for agriculture

The bank is already lending funds for this spring’s agricultural needs. The value of these loans has already reached tens of millions of euro, Ghetea said.

CEC has an agreement with the governmental Agriculture Payment and Intervention Agency (APIA) to provide financing for farmers. Two other local banks, Banca Romana de Dezvoltare - Groupe Societe Generale (BRD-SocGen) and Alpha Bank, have similar agreements. According to Ghetea, the three lenders will grant financing worth at least €200 million for agriculture this year.

“Current legislation on agricultural loans provides no comfort to banks to grant such loans. The banking system is open to ease access of farmers to European funds and to grant loans in rural areas, to cover the need for financing prior to accessing EU funds,” Ghetea added. (NewsIn)