Brazil's BNDES Extends 4 Billion Real Cane Financing
Banco Nacional de Desenvolvimento Economico e Social, Brazil’s national development bank, has extended a 4 billion-real ($1.97 billion) financing program for sugar-cane growers to the end of this year.
The Prorenova credit line was scheduled to terminate on Dec. 31 2012, the Rio de Janeiro-based lender said today in a statement. Companies registered 70 cane expansion and renewal projects totaling 1.4 billion reais last year.
Cane growers will be able to borrow as much as 5,450 reais a hectare compared with the previous cap of 4,350 reais, according to the statement.
BNDES, as the bank is known, disbursed 475 million reais from the line through the first week of January, a spokeswoman for the bank who wanted to remain anonymous because of company policy said today in an e-mail.
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