Brazil to Finance Agriculture at a Clip of US$ 46 Billion this Year

Brazilian farm Brazil's 2009-2010 crop will count on 93 billion reais (US$ 45.9 billion) in financing, of which approximately 15 billion reais (US$ 7.4 billion) are earmarked for family farming.

The information was supplied by the Brazilian minister of Agriculture, Reinhold Stephanes, while leaving a meeting with the minister of Finance, Guido Mantega, during which the crop plan figures were discussed.

"We will have a significant increase over last year's," said the minister, who recalled that the sector received 78 billion reais (US$ 38.4 billion) for the 2008-2009 crop.

Stephanes stated that the 2009-2010 crop plan should be announced in the first or second week of June.

"We have already got nearly all of the data we need for the crop plan. Probably, by the end of this week, we will have analyzed all of the items that we need to analyze."

US$ 592 Billion Credit

The volume of credit in the financial system totaled 1.248 trillion Brazilian reais (US$ 592 billion) in April, a figure equivalent to 42.6% of the Gross Domestic Product (GDP), i.e. the sum of all goods and services produced in Brazil. The figures were disclosed May 27 by the Central Bank.

In March, the rate was 42.5%, and in April 2008, 35.8%. The Central Bank underscored the "maintenance of the favorable performance of public banks," which increased their share of total credit in the country from 37.5% in March to 37.7% in April, "with an emphasis on operations turned to the industry and habitation sectors."




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