Banca Intesa in cooperation with Generali Insurance Serbia and KfW Development Bank of Germany has developed Agroprotect loan, a unique product to finance agricultural production and crop insurance policy development. Agroprotect loan is designed to finance working capital and raw materials for agricultural crops production - wheat, barley, corn, sugar beet, sunflower and soya, and includes crop insurance product that provides a safety net for basic perils - hail, fire and lightning. The loan is intended for individuals, legal entities and entrepreneurs who are engaged in farming and are registered in Vojvodina. "This innovative product that we have developed in cooperation with our long-term partners is a confirmation of the strategic orientation of Banca Intesa to support agriculture sector as the key driver of overall economic development, as well as our commitment to strengthen relationships with customers in the field of agriculture ", said Darko Popovic, Member of Executive Board at Banca Intesa Beograd. According to him, Agroprotect loan will allow farmers to get necessary funds and insurance coverage of potential perils in one product at no additional charge, which will enable them to provide raw materials of their choice at competitive prices and insure their crops regardless of weather conditions and natural disasters. Policy is an additional guarantee that their investment will be returned. Agroprotect loan is available in Euro and Serbian dinars, approved in the amount from 1000 to 100,000 EUR at a fixed interest rate and repayment period to 12 months. Loans provided in euro currency are available at interest rate of 6.5 percent annually, while dinar loans are provided with an annual interest rate of 9.9 percent. The loan is tailored to specific needs of farmers and can be returned on monthly, quarterly, six-month basis, or one-time with total repayment. "By developing this unique product, Banca Intesa provides to its customers protection of their investments, since farmers nowadays frequently experience unforeseen losses due to unfavourable weather conditions. For years we have been closely working with farmers and we know what challenges and risks they face every day, " said Branko Novakovic, Director of External Sales and Bancassurance at Generali Insurance Serbia. Strategic direction of Generali Insurance Serbia is to provide the best possible support to farmers through new products and safety net development. The loan has been developed in the context of credit line in the amount of eight million EUR according to the agreement signed between Banca Intesa and KfW Development Bank in December 2015. "As one of the most important goal of KfW Development Bank in Serbia to strengthen its financial sector, it is our pleasure to be a part of the project which expands possibilities for agricultural sector financing. KfW Bank in previous years through several innovative projects developed new products in the sectors of energy efficiency, environmental protection and agriculture, and reached more than 500 million euros of subsidized loans. The product that we present today is an integral part of the German-Serbian initiative for sustainable growth and employment, and represents the beginning of the program that will increase access to loans for companies that have had difficulties in obtaining them in the past." said Mr. Arne (Arne Gooss), Director of KfW Development Bank office in Belgrade. Source - agroinsurance.com