Agricultural marketing, storage loans reach US$32bn in Jul 2010-Mar 2011

- Thursday, April 28, 2011

Agricultural marketing, storage loans reach US$32bn in Jul 2010-Mar 2011

Loan disbursements destined for marketing and storing agricultural products in Brazil reached 51bn reais (US$32bn) between July 2010 and March this year, up 39.8% from the same period a year ago, the agriculture ministry said in a press release.

The loans are part of the agricultural and livestock plan - known as PAP - launched by the ministry in 2010, with the purpose of increasing storage capacity for Brazilian farmers to sell their products when prices are higher.

By the end of the current harvest season, the government expects total agricultural loans to reach 95% of the planned 100bn reais in disbursements allocated for this purpose. The previous season's total disbursements reached 84.4bn reais, or 91% of the total, the release reads.

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