New subsidised credit announced for ethanol production
Date added: 25th May, 2011 at 10:42
(view all articles from May, 2011)
Categories: Natural Resources
A new line of subsidised credit is to be introduced for sugar and ethanol production companies in Brazil.
Speaking to local newspaper Valor Economico, agriculture minister Wagner Rossi said the money will be used for the planting of cane crops, Reuters reports.
It will also encourage investment in Brazil and the production of ethanol by ensuring less productive sugar cane fields are replanted, thus stimulating yields.
"There was a drop in yields that we need to recover with adequate financing to stimulate investment," Mr Rossi stated.
The news provider explained that cane plants deteriorate with age, meaning they need to be replanted every five years.
Mr Rossi revealed that the new line of credit will be included in the country's annual farm budget.
Earlier this week, Reuters reported that a commodities "boom" has lead to an increase in sugar, coffee and soy prices over the past few years, meaning many farmers are now keen to up their investment in the sector.
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