EBRD lends 5 mln euro to Bulgaria's Elana Agrocredit to back land ownership by farmers

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The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, visited Bulgaria on 18-19 September 2016 for talks with top officials and business partners.
SeeNews | 19 September 2016

EBRD lends 5 mln euro to Bulgaria's Elana Agrocredit to back land ownership by farmers
 
SOFIA (Bulgaria), September 19 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it is lending five million euro ($5.58 million) to Bulgaria's Elana Agrocredit [BUL:0EA], a company offering long-term financial lease contracts to farmers seeking to acquire agricultural land.
 
This is the second EBRD loan for the company which aims to support the development of Bulgaria’s agricultural land market, following a five-million euro loan extended in 2014, the bank said in a statement.
 
As the economic significance of agriculture is growing, private land ownership is expected to lead to further investments that will modernise the sector and support the sustainable use of land, the bank added.
 
"We are pleased to be helping Bulgarian farmers to become landowners. Ownership of the land will give them the confidence to undertake long-term investments resulting in improved yields and more sustainable practices," EBRD President Suma Chakrabarti said in the statement.
 
Arable land accounts for 50% of Bulgaria’s territory but only 23% of it is currently owned by farmers, according to the EBRD. The remainder belongs to individuals, institutional investors, municipalities and the state.
 
Bulgarian Stock Exchange-listed Elana Agrocredit is a joint-stock company owned by local institutional investors and individuals. The company owns a credit institution licence issued by the Bulgarian National Bank.
 
Elana Agrocredit [BUL:0EA] shares jumped by 5.75% to 1.269 ($0.724 / 0.648 euro) levs by 13:00 CET on Monday in a turnover of 140 shares.
 
- See more at: https://seenews.com/news/serbia-to-seek-extension-of-deadline-for-use-of-800-mln-russian-loan-for-railways-540154#.dpuf
Original source: SeeNews
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