National Bank and KYKNOS support industrial tomato producers through Contractual Agriculture

The first year of cooperation of the Greek Canning Company S.A. ("KYKNOS") with the National Bank was completed with success, within the framework of the Contractual Agriculture financing program.

In an event organized on Thursday 10/12/2015 at the company's factory in Savalia, Elia, and attended by executives from the Small and Medium Enterprises Credit Department of the National Bank, the results of the collaboration were presented to the producers, as well as its renewal for the next year.

The program, which has already been joined by the majority of the company's cooperating industrial tomato producers, offers financing of the production costs of the product on particularly favorable terms, fully adapted to the timetable and the particularities of the crop. The provision of liquidity within the production period offers producers the possibility to negotiate prices when purchasing supplies and also to better plan their cash flows, while having the possibility of implementing actions aimed at enhancing their productivity (expansion of activity, improvement of facilities, etc.). Finally, during the presentation of the results of the cooperation, it was pointed out that, despite the imposition of capital controls, no problems were caused in the implementation of the disbursements and the payments of the producers were carried out smoothly.

The Greek Canning Company S.A. "KYKNOS" is a purely Greek company with a history of more than 100 years. It is one of the most historic industries in the country and at the same time it is innovative: its factory is certified according to the strictest international standards (ΒRC, IFS) while at the same time successfully certifies the cultivation of the tomato it processes, for integrated management, since 2005.

The National Bank is implementing an expanded action plan to support and develop the agricultural sector, which is a key pillar of our country's primary sector. Through the special financing program of Contract Agriculture, it offers, in collaboration with selected companies of our country that stand out in the food industry, the possibility of financing the cost of production of agricultural / livestock products on particularly favorable terms and without seeking additional collateral.