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BUCHAREST -- Romanian private farmers are seeking a $600 million loan from U.S. and Swiss banks to finance the growth of private farming in Romania, an executive said Monday.
"We are now negotiating the terms of a $600 million credit which we plan to use for farm machinery purchases to develop farming and also to fund the growth of the animal breeding sector," said Anghel Burghila, manager of the Romanian Private Farmers' Federation.
He said the expected 10-year credit from several U.S. banks and one Swiss bank, which he did not name, would have a grace period of two years and would bear up to 12 percent interest.
"The good thing is that we agreed the credit would be paid back in farm products," Burghila said.
Romania has revived private farming as part of broader free-market reforms launched after the 1989 fall of communism.
Romania Seeks $600 Million Farming Loan
04 April 1995
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