Lula Unveils Record Crop Financing Plan in Nod to Agribusiness
- Brazil leader has sought to mend ties with influential sector
- Plan also includes incentives for sustainable crop production
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Brazil’s government will release a record amount of funding to support financing for the country’s agricultural industry, a plan that could provide President Luiz Inacio Lula da Silva a boost with the influential sector.
The government will dedicate about 440 billion reais ($91.8 billion) to the crop plan known as Plano Safra, Lula and Agriculture Minister Carlos Favaro announced at a Tuesday event in Brasilia. The total includes 364.2 billion reais for agribusiness, a 27% increase from 2022 and the most in the plan’s history, according to the government.