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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

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  • Show Comments (2)

  • CH.C.

    ooops typing mistake ! smile
    Viva Robin the Crook, the only Robin on earth giving the majority to the minority and the minority to the majority.

    πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰

  • CH.C.

    WRONG AGAIN !!!!!
    It is not US$ 1,2 billion that went to family agriculture but Brl 1,2 billion !!!!!!!!!

    Another proof that Brazilian government people or reporters dont even pay attention tzo what THEY write !!!!!

    This said, once more you distribute 82 % to the minority commercial farmers and 18 % to the majority of family farmers totally 5,5 millions.
    to make it clearer your average family farmers get Brl 2’181.- or US$ 1’148.- bank loan
    And you can also see it through the growth of 43 % for commercial farmers and 6 % for family farmers.
    The more you go, the more you favor an already INJUST loan system !!!!!!

    Viva Robin the Crook, the only Robin on earth giving to the majority to the minority and the minority to the majority.
    And it is going worse and worse…year after year !!!!!!

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