Banco do Brasil forecasts 20% increase in financing for agribusiness in Brazil in 2021/22

RIO DE JANEIRO, BRAZIL – Banco do Brasil (BB), the largest financier of Brazilian agriculture, will provide R$135 billion (US$27 billion) to the country’s agribusiness in the 2021/22 crop year. That represents a 20% increase over the amounts disbursed in the current cycle, which ends in June, the banking institution’s president, Fausto Ribeiro, said in presenting the program.

President Jair Bolsonaro and Agriculture Minister Tereza Cristina said the record amounts confirm the bank’s commitment to the sector. For small and medium producers, the bank will provide R$34 billion (US$6.8 billion), said the executive director.

The 2021/22 Crop Plan, which includes BB funds and was released last week by the Ministry of Agriculture, includes an offer of R$251.2 billion for financing agriculture next season, an increase of 6.3% compared to the government program of the previous cycle, and interest rates will also increase in line with the increase in the SELIC prime rate.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error