Agricover Credit IFN, a non-banking financial institution in Romania that provides agribusinesses with agricultural inputs, technology and finance, recently partnered with Symbiotics Investments, a Switzerland-based investor focused on smaller businesses in low- and middle- income countries, to raise USD 9 million via a bond issue. Symbiotics structured the transaction to be socially responsible per the guidelines of the Switzerland-based International Capital Market Association (ICMA). The names of the investors in the bond issue and its terms remain confidential.
Founded in 2007, Agricover Credit IFN is a subsidiary of Agricover Group, whose other members are Abatorul Peris, a meat processor; Agricover SA, a distributor of agricultural technologies; and Agricover Technology, a firm that provides farmers with access to digital technology. During the first six months of 2022, Agricover Credit IFN generated profits of RON 31 million (USD 6.7 million) on total assets of RON 2.7 billion (USD 590 million). IFN is the Romanian acronym for a non-banking financial institution.
Founded in 2004, Symbiotics provides for-profit investment intermediary and business services to investors in and practitioners of micro-, small and medium-sized enterprise development as well as lenders to lower income households in lower income countries. As of 2022, Symbiotics reports USD 2.9 billion in assets under management.
By Ben Barba, Research Associate
Sources and Additional Resources
Symbiotics press release
https://symbioticsgroup.com/symbiotics-investments-launches-usd-9-million-social-bond-with-agricover-credit-ifn-sa-in-romania/
Agricover Credit homepage
https://agricover.ro/
Agricover Credit financials, June 2022
https://agricover.ro/Files/Files/Documente%20Relatii%20investitori/Rezultate%20financiare/2022/Rezultate%20anuale%20semestriale/Agricover%20Credit%20IFN%20SA_H12022%20FS_EN.pdf
ICMA Social Bond Principles webpage
https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/
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