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07.02.08
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BNDES expands funding and decreases agricultural credit costs for 2008-2009 harvesting year
BNDES expanded funding and decreased costs of agriculture-focused loans for 2008/2009 harvesting year (from July 1, 2008 to June 30, 2009). These actions were taken as part of the 2008-2009 Farming Plan disclosed on Wednesday, July 2, by President Luiz Inácio Lula da Silva. The plan will provide a total credit volume of R$ 78 billion, which represents an increase of R$ 8 billion as compared to the 2007-2008 harvesting year.
BNDES will contribute with this governmental initiative providing this sector with R$ 7.5 bi loans, 8.7% higher than R$ 6.9 bi assigned to the previous harvesting year. Out of this amount, R$ 6.7 bi will be invested in the agribusiness and R$ 825m will be for small-scale agriculture.
Moderfrota (a program that funds purchase of agriculture machinery and implements), alone, will be assigned, in this harvesting year, a R$ 3 bi budget and eliminated the additional flat interest of 4% on the agricultural financing amount since 2004-2005 harvesting period.
Out of the total budget of Moderfrota for 2008-2009, R$ 2.5 bi will be financed with a 9.5% flat interest rate per annum, with maximum share of 90%. As for the remaining R$ 500m, these will be financed with fixed interest rates of 7.5% per annum and maximum share of 100%. In this case, farmers eligible for the benefits of the federal program Proger Rural (for farmers earning annual incomes below R$ 250 thousand).
In addition to the agricultural programs sponsored by the Federal Government, BNDES will also be part of the new sustainable farming production program (Produsa), with a R$ 1 bi budget in 2008-2009 and will be divided into two types: Recovery of degraded areas (with flat interest rates of 5.75% per annum) and investments for improvements in farming production, with 6.75% interest rates per annum.
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