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04.14.08
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BNDES devises R$300 million program to bolster construction of warehouses
The President of BNDES, the Brazilian Development Bank, Luciano Coutinho, launched on Monday, the 14th, the Warehousing Program for Brazilian Cereal Companies. Such program is intended to bolster the development and the streamlining of the cereal industry and also to expand the Brazilian storage capacity in the segment directly serving rural producers.
BNDES's support will contribute to improve the control of food stock and reduce logistics pressures that often take place during harvesting periods. Cereal companies' representatives, the President of Companhia Nacional de Abastecimento (Conab), Wagner Rossi and Edilson Guimarães, Secretary of Agricultural Policy of the Ministry of Agriculture, Farming and Supply attended the launch ceremony.
The new program will be assigned a budget of R$ 300 million and will be into force until December 31 this year. The Bank will provide support to companies earning annual gross income below R$ 500 million and those performing the activities of drying, cleaning, standardizing, storing and commercializing vegetal non-processed products.
As compared to the financing currently granted to this industry, through BNDES operational facilities, there are relevant differences in the conditions of the program: Low interest rates, extended terms, limits to the accredited financial institution spread and increased share level of the Bank upon granting of credit.
The financial cost, which so far consisted of a portion in currency basket, will be set out in Long Term Interest Rate (TJLP) - which is currently at 6.25%. The rate will be added to 1% per annum of basic spread of BNDES and 0.5% of financial intermediation only for large-sized companies, resulting in a cost of 8.75% per annum, plus the spread charged by the broker limited to 3% per annum.
Loans granted so far had a financial intermediation rate of 0.8% per annum (it dropped to 0.5% per annum for major companies - micro, small and medium sized companies are exempt) and the broker's spread was free (now it is set as 3% per annum).
The maximum BNDES share, limited to 70% on loans to particular products, soared to 100% for all items and the terms for the financing of machines and equipment alone has increased in a six-month timeframe. The total term will be 96 months, including grace periods of as long as 36 months.
The new program has been designed to broaden infrastructure capacity required for the storage and shifting of agriculture production to several consuming centers. Currently, the Brazilian storage capacity is around 123,3 million tons for harvests exceeding 130 million tons.
BNDES' support to this industry will reduce port, railroad and road jamming problems during the harvesting period, due to the lack of a proper warehousing structure.
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