EFSE lends 1 mln euro to Romania's Patria Credit to back small agribusinesses

The European Fund for Southeast Europe (EFSE) said on Tuesday, December 27, it has extended a 1 million euro ($1.04 million) loan to Romanian non-bank microfinance institution Patria Credit, seenews.com reports.

The credit will be used to finance micro and small agricultural businesses and farmers in Romania, EFSE said in a statement.

“We are very committed to the long-term and successful partnership with EFSE and to building further towards financial inclusion, local development and the growth of small companies and individuals in the rural areas of our country,” Patria Credit general manager, Marian Tetici, said.

Patria Credit was established in 1998 and is specialised in lending to micro and small businesses and agricultural producers. Alongside Patria Bank (ex-Nextebank), it is part of Patria Bank Group. At end-November, Romania's central bank approved Patria Bank's merger with Romania's Banca Carpatica.

EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development and the European Commission.  

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