The Brazilian Development Bank (BNDES) has approved financing of 52.3 billion Brazilian reais (US$5,65 billion) for the country’s agricultural sector in 2024, an increase of 26 per cent compared to 2023. This is reported by Agencia CMA, a partner of TV BRICS.

The bank channelled funds to farmers, cooperatives and agribusinesses to increase production, buy equipment and innovate. In total, over 191.2 thousand transactions were carried out, almost 28 per cent more than the previous year.

BNDES President Aloizio Mercadante said the bank is thus supporting not only the economic development of the agribusiness sector, but also promoting the adoption of low-carbon technologies in the industry and environmental protection.

Of the total funds approved, 38.2 billion Brazilian reais (US$6,32 billion) is earmarked for the federal government’s agricultural programmes. This amount covers the second half of the Harvest Plan 2023-2024 and the first half of the Harvest Plan 2024-2025.

African Times published this article in partnership with International Media Network TV BRICS