BNDES Prorenova provides supports of R$ 4 billion for renovation and implementation of sugarcane farms
01/11/2012
• The new program will carry out indirect operations and
will be open until December this year
The BNDES has created a new program to encourage the
production of sugarcane by financing the renovation of old
sugarcane farms and the expansion of the cultivated
area.
The BNDES Prorenova has a budget of R$ 4 billion, and its
launch encourages the renewal and expansion of sugarcane
farms, key to increasing Brazilian sugarcane productivity
and, thus, reducing the industrial idleness of sugar and
ethanol production.
The program is open until December 31 this year, and it is
hoped that resources will be able to finance the renovation
and/or expansion of more than one million hectares of
sugarcane.
With the increased availability of raw materials, the
expectation is that the production of ethanol will increase
between 2 and 4 billion liters from 2013 until 2014,
representing growth of over 10% in relation to the current
crop.
The BNDES Prorenova operations will be indirect, i.e.,
carried out through financial agents. For medium-large and
large businesses (those with gross operating revenues equal
to or above R$ 90 million), the interest rate is made up of
the long-term interest rate (TJLP) plus 1.3% for the BNDES'
basic spread. There is also the financial intermediation
rate of 0.5% and remuneration to the transfer agent,
negotiated between them and the beneficiary.
The program has the BNDES' maximum participation, up to
80%, in eligible items. The total term is limited to 72
months, including the grace period of up to 18 months.
MSMEs - For micro, small, and medium-sized enterprises
(MSMEs), support is already available through the BNDES
Automatic (operations under R$ 20 million), with even
better terms. Today, the Bank's basic spread in relation to
the BNDES Automatic operations with MSMEs is a mere 0.9%.
In such cases, the maximum participation of the BNDES can
reach up to 90% in eligible items.
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