Brazil Providing $618 Million for Sugar-Based Ethanol Innovation
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BNDES, Brazil’s national development bank, and the state research-financing agency Finep are providing 1.48 billion reais ($618 million) to encourage agricultural innovation in its sugar-based ethanol industry.
Banco Nacional de Desenvolvimento Economico & Social, as the development bank is officially known, and Financiadora de Estudos e Projetos will offer 10-year loans at 4 percent interest rates, Glauco Arbix, president of Finep, told reporters yesterday.