News

Banco do Brasil: USD 31 bn in crop credit

05 de julho de 2016

Brasília – Brazil’s government-run bank Banco do Brasil said this Tuesday (5) that it will provide BRL 101 billion (USD 31 billion) worth of credit to agriculture and livestock farming in the 2016/2017 season. The amount will be divided into BRL 91 billion (USD 28 billion) for farmers and cooperatives, up 10% from the last season. The other BRL 10 billion (USD 3 billion) will be made available to corporations in the agribusiness production chain.

Banco do Brasil chairman Paulo Cafarelli said BRL 71.1 billion (USD 21.8 billion) out of the amount earmarked for growers and cooperatives are intended for cost-covering and sale operations, and BRL 19.9 billion (USD 6.1 billion) are for agricultural investment. Cafarelli noted that the bank accounts for 61% of all credit to agriculture and livestock farming in Brazil. He stressed that this is a key sector for the resumption of economic growth.

*Translated by Gabriel Pomerancblum