BB invest in agriculture
In new that could interest Brazilian property investors the Bank of Brazil (BB) has invested $3.7 billion (£1.7 billion) in the funding of the 2008/2009 agriculture crop, it has been reported.
According to Brazzil Magazine, the money represents year-on-year expansion of nearly half (43.2 per cent) in order to support the industry.
The BB made the announcement in a statement which said the increases were necessary in order to cover the rising cost of fertiliser that has raised by 120 per cent over the course of the past 12 months.
In addition, the bank has also promised to keep an eye on the performance of deposit balances in savings accounts in order to be ready to make greater funds available for agricultural credit if necessary.
Meanwhile, in related news a number of grain production firms have joined forces to help drive down the rising cost of fertiliser in the nation.
The publication reported 21 cooperatives which produce one-quarter of the nation’s grain have established the National Consortium of Agricultural Cooperatives to seek its own raw materials to produce its own fertiliser.
