Agricultural cash injection for Brazil
Brazil’s agricultural industry is set for a substantial cash injection, which could prove promising for potential buyers of Brazilian property.
According to the Financial Times, the Latin American country’s government plans to increase credit available for agricultural use to the equivalent of around £24.4 billion – a 12 per cent rise.
Furthermore, interest rates for loans will remain at a steady 6.75 per cent under the move, which is intended to boost production of key foodstuffs across the nation.
"The ministry hopes to boost Brazil’s production of grains by five per cent in the forthcoming harvest to 150 million tonnes," observed the publication.
It continued: "The government will also start to stockpile key crops such as rice and corn and intends to build wheat stockpiles, for which Brazil depends on imports, up to 200,000 tonnes from 6,000 tonnes."
The news follows comments from Luiz Inacio Lula da Silva – the Brazilian president – earlier this week regarding the country’s booming biofuel industry and its benefits for both employment and the economy.
