Brazil Hands Out US$ 3.7 Billion for 2008/2009 Crop

Harvest of soy in Brazil State-owned Bank of Brazil (BB) has disbursed 6.7 billion Brazilian reais (US$ 3.7 billion) for the funding of the 2008/2009 crop from early July to September 15, Of these funds, 5.5 billion reais (US$ 3 billion) were turned to business agriculture, which represents expansion of 43.2% over the same period in the previous crop, and US$ 1.2 billion went to family agriculture, growth of 6.1%.

This information was disclosed by a BB spokesperson, in a press statement, and shows that the disbursements up to now have grown 34% when compared to loans made for the 2007/2008 crop. The largest volume, 4.1 billion reais (US$ 2.2 billion), was for cost operations, against 2.4 billion reais (US$ 1.3 billion) in the same period in 2007.

This increase was necessary, mainly, due to the high prices of fertilizers, up on average 120% over the last 12 months, according to figures supplied by the National Confederation of Agriculture and Livestock (CNA).

The greatest demand for agricultural credit generally takes place between September to October, and the BB expectation is for another 11.4 billion reais (US$ 6.2 billion) to be made available by the end of the year, 15% more than in the period from July to December last year. In the month of October alone, the funds turned to the sector should exceed 2.7 billion reais (US$ 1.5 billion).

Apart from fund for covering costs and investment in agriculture, the BB also promises to keep its eye on the performance of the deposit balances in savings accounts to, if necessary, make available greater volumes of funds for agricultural credit.

ABr

Tags:

Ads

You May Also Like

Brazil’s Minimum Price for Beans Spurs Farmers

The minimum price stipulated by the government for the price of beans should generate ...

Brazil Can’t Answer This Question: Where Did the Corruption Money Come From?

While the Brazilian Lower House bickers about who will be the successor of House ...

Brazil: Good Economy Gives Lula a Boost

The index of positive evaluations of Brazilian President Luiz Inácio Lula da Silva’s Administration ...

February 1995

CONTENTS: Cover story: The Cardoso era starts (p. 8) Weber is king (p. 11) ...

Brazil Goes to the Polls and Gives President Lula Several Victories

Brazilians voting in mayoral and municipal elections have given the president's Workers' party wins ...

Senegal, the Last Leg of Brazil Lula’s African Tour

Brazilian President Luiz Inácio Lula da Silva kept official commitments today, the last day ...

Brazil Is Both a Rice Importer and Exporter

Brazil produces 12 million tons of rice per year. Whereas national production currently averages ...

My Child and Another 65 US Children Kidnapped to Brazil Must Come Back Home

Good morning. Before I go directly into my testimony I wanted to share with ...

Lula’s Human Rights Program as Explained by One of Its Architects

Brazil’s National Program for Human Rights (PNDH-3) announced last week has suffered a barrage ...

The Art of Being Brazilian

The Brazilian jeitinho is a means that Brazilians use to accomplish things— it may ...