Rural Lending

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Lending against warrants-deposit certificates on cereals has the potential to increase commercial banks' credit to agriculture, according to bankers and policy analysts. Under the current legal framework in place, no such instruments have been issued up to now. In order to have a reliable and functional financing mechanism based on warrants-deposit certificates, the legal framework needs to be clarified and strengthened. While primary regulation is already in place, extensive work is still needed on "secondary" regulation (legal and technical implementation documents, etc.).

Impact Drivers

  • Public: To diversify products and create new lending opportunities within acceptable risk parameters.
  • Private: To promote the growth of credit to the agricultural sector.


The value of cereals that can be warehoused is about EUR 900 million annually.

SPI Committee Involvement

To facilitate a coordinated approach among the main stakeholders, whose involvement will be required to achieve a workable regulatory framework on a challenging issue both financially and politically.


Radu Negrea

Project Owner (PO) , General Secretary Romanian Banking Association

Claudiu Nicula

Project Manager (PM), Director Raiffeisen Bank

Aurica Stoica

Deputy Project Manager (DPM), Advisor to Minister Ministry of Agriculture

Les Clarke

Project Technical Anchor, Consultant Convergence Program



Veronica Toncea

President, Rural Credit Guarantee Fund

Dina Ilie

Expert, National Bank of Romania

Silviu Ioan

Director, Romanian Credit Guarantee Fund

Vasile Coman

Director, National Loan Guarantee Fund for SMEs

Alexandru Sorescu

Romanian Stock Exchange

Mihai Perju

Director, Romanian Stock Exchange

Dumitru Sandulescu

Romanian Stock Exchange

Viorel Marin

National Grading Commission

Adrian Radulescu

President, Agricultural Producers Association

Terms of Reference

Regulatory Impact Assessment

SPI Committee Documents

Technical Documents

Project Working Group Meetings