BNDES announces BRL 2 billion for farmers with dollar assets – 04/17/2023 – Market

The BNDES (National Bank for Economic and Social Development) announced this Monday (17) a new line of financing for agricultural producers who have receivables in dollars, in a program that will initially have availability of R$ 2 billion, said the president of the institution. , Aloizio Mercadante.

According to him, it is an “innovation” at a time when there is “a certain crisis of confidence in credit”.

“We are going to start with R$ 2 billion for agriculture”, said Mercadante, emphasizing that only those producers who have receivables will be able to use this financing. [receita] in dollar.

The announcement confirms a report by Reuters, which reported in March that the BNDES and the Ministry of Agriculture would announce a line along these lines.

The line will have a fixed interest rate of 7.59% per annum plus exchange variation.

“In case [o produtor] which has the receivable in dollar, this variation is not relevant”, highlighted Mercadante.

“It is a rate much lower than the Selic”, said the president of the bank, comparing it with the current basic rate of 13.75%.

The line will have a 24-month grace period and up to 120 months for financing payments, according to the bank’s president.

During the event broadcast over the Internet, the Minister of Agriculture, Carlos Fávaro, stated that the line is intended to solve “demand for exporters without generating costs for the National Treasury”.

The financial director of the BNDES, Alexandre Abreu, commented that the line takes advantage of a “good moment for funding” in which the bank preserves its normal earnings and can offer a “cheaper fixed rate”.

When it comes to financing agricultural investments, the BNDES accounts for about half of the resources used in the country.