SAO PAULO (Reuters) – The National Bank for Economic and Social Development announced on Monday a new line of financing for agricultural producers who have receivables in dollars, in a program that will initially have availability of around 2 billion reais a year, he said. the president of the institution, Aloizio Mercadante.
The program, which will benefit with lower rates mainly those farmers who cultivate products for export, should be destined to finance purchases of machinery and equipment produced in Brazil.
Mercadante pointed out that the line is an “innovation” at a time when there is “a certain crisis of confidence in credit”, in light of recent news about the debts of Light and Americanas. He also said that he plans to expand this program to the industry and service sectors soon.
“We are going to start with 2 billion reais for agriculture”, said Mercadante, noting that only those farmers who have receivables (income) in dollars will be able to use this financing.
The announcement confirms a report by Reuters, which reported in March that the BNDES and the Ministry of Agriculture would announce a line along these lines.
The line will have a fixed interest rate of 7.59% per annum plus exchange variation.
“In the case (of the producer) that has the receivable in dollars, this variation is not relevant”, highlighted Mercadante.
“It is a rate much lower than the Selic”, said the president of the bank, comparing it with the current basic rate of 13.75%.
The line will have a 24-month grace period and up to 120 months for financing payments, according to the bank’s president.
During the event broadcast over the internet, the Minister of Agriculture, Carlos Fávaro, stated that the line is intended to solve “demand for the exporter without generating costs for the National Treasury”.
The financial director of the BNDES, Alexandre Abreu, commented that the line takes advantage of a “good moment for funding” in which the bank preserves its normal earnings and can offer a “cheaper fixed rate”.
When it comes to financing agricultural investments, the BNDES accounts for about half of the resources used in the country.
(Reporting by Roberto Samora)
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