The shareholding of FGCR-IFN SA is mostly private, consisting of the participation of 3 commercial banks having equal shares (namely BRD Groupe Société Générale, The Romanian Commercial Bank – BCR, and Raiffeisen Bank) and of the Romanian State through the Ministry of Agriculture and Rural Development.
The activity of the Romanian Rural Credit Guarantee Fund – IFN SA (FGCR – IFN SA) consists in entering into guarantee commitments and issuing guarantees, including by leveraging the public funds provided mainly by the Ministry of Agriculture and Rural Development, with the aim of assisting farmers and processors of agricultural products in obtaining the desired agricultural yield and fishery production, of investing in agriculture and aquaculture, as well as of implementing projects co-financed under the National Rural Development Programme (NRPD) and under the Operational Programme for Fisheries and Maritime Affairs.
About FGCR – IFN SA:
- It is Romania’s first guarantee fund dedicated to agriculture, a private institution established in February 1994 as a joint stock company following negotiations between the Commission of the European Communities and the Romanian Government.
- The Guarantee Fund has been ranked among the TOP 100 Most Successful Companies.
- In 2006, the Rural Credit Guarantee Fund was registered as a non-bank financial institution (IFN) and on 30 July 2007 the Romanian National Bank recorded the Fund in the RNB Special Register under no. RS-PJR-090029/2007 and in the RNB General Register under no. RG-PJR-090173/2007.
- It has been supporting agricultural and rural development for over 20 years.
- It has provided over 118.784 guarantees, amounting to RON 16,21 billion, in relation to loans of RON 15 billion.
- It has provided over 3 000 guarantees, amounting to RON 4 billion, to the beneficiaries of the National Rural Development Programme (NRDP) 2007-2013, in relation to loans of RON 5 billion.
- It was the sole manager of the EU-funded guarantee schemes established under NRDP 2007-2013, which made its total guarantee portfolio amount to approximately RON 1 billion.
FGCR – IFN SA AIMS TO:
- Facilitate access to financing for private agricultural producers and for private processors of agricultural products;
- Help the EAFRD public beneficiaries obtain the advance payments necessary for implementing the investments stipulated in the grant agreements they concluded with the Romanian Agency for Rural Investment (AFIR);
- Support the absorption of European funds allocated to Romania through the NRDP and the Operational Programme for Fisheries and Maritime Affairs;
- Support the strengthening of agricultural holdings and the development of the rural environment;
- Stimulate the development of the land market.
Since 2002, FGCR – IFN SA has been a member of the European Association of Guarantee Institutions (AECM), which brings together more than 42 member organizations operating in 26 countries – EU member states, Bosnia and Herzegovina, Serbia, Russia and Turkey. The members of the Association are mutual funds, private sector guarantee schemes, as well as public or private institutions that are either guarantee funds or development banks with a guarantee department. They all share the mission of supporting SMEs to obtain funds from financial institutions by securing their loans.