The Secretary of Agricultural Policy of the Brazilian Ministry of Agriculture, Ivan Wedekin, was at the National Economic and Social Development Bank (BNDES), October 3, to discuss the Bank’s participation in this year’s Agriculture and Livestock Plan.
The plan foresees US$ 3.7 billion (10.7 billion reais) in investments, US$ 3.03 billion (8.56 billion reais) of which will be made by the Bank.
The Secretary said that between July and October of this year over US$ 567 million (1.6 billion reais) have been distributed through the BNDES’s Modefrota and Finame Special Agricultural programs to finance the purchase of agricultural machinery and implements.
US$ 460 million (1.3 million reais) were disbursed by these programs during the same period last year.
Wedekin said that, despite the 60-day delay in the implementation of these programs and the problems caused by the bank employees’ strike, which lowered the volume of loans contracted for the 2004/2005 harvest, more resources have been distributed this year than during the same period last year.
The Secretary believes that the disbursement of resources for the 2004/2005 harvest will show a substantial increase in this month of November and that the agricultural year (July 30, 2004 to June 30, 2005) will end with a greater volume of funds disbursed than last year.
According to Wedekin, a total of US$ 779 million (2.2 billion reais) was distributed between July and October of this year, as against US$ 602 million (1.7 billion reais) during the same period last year.
Translator: David Silberstein
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