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.
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What Banco do Brasil does. Banco do Brasil S.A., together with its subsidiaries, provides banking products and services for individuals, companies, and public sectors in Brazil and internationally. The company operates through Banking, Investments, Fund Management, Insurance (including insurance, private pension funds and capitalization) and Electronic Payments segments. Its Banking segment offers various products and services, including…
