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Brazil to provide some $40 bln to support agriculture
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10:54, March 05, 2009

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Brazil planned to finance between 90 billion and 100 billion reais (38 to 42 billion U.S. dollars) in 2009-2010 agricultural season, Brazilian Agriculture Minister Reinhold Stephanes said Wednesday.

Previously, such funding was divided almost equally into three parts: one was covered by the money earned by farmers themselves in the previous seasons, another was from international financial market and the last part from government's credit through Bank of Brazil, Stephanes said.

The financial crisis reduced the capacity for Brazilian agricultural sector to get credit in the international market, therefore, the sector is forced to call for more government involvement, he added.

Although the government increased the funding level, there is still a gap which would be covered by farmers' own resources.

Stephanes promised to take other measures, adding that "amid the crisis, we have to act strongly in other instruments."

Source:Xinhua



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