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14/06/2017 - 18:07hs

Cocoa farming to get incentive

The Low-Carbon Agriculture Program will make USD 693 million worth of financing available for planting, improvement and maintenance of cocoa crops.

São Paulo – Cocoa farmers in Brazil will get BRL 2.13 billion (USD 693 million) worth of credit for planting, crop improvement and maintenance, the Ministry of Agriculture, Livestock and Supply reported this Wednesday (14). The funds will be available as of July 1st as part of the Low-Carbon Agriculture Program (Programa Agricultura de Baixa Emissão de Carbono - ABC).

The incentive was formerly available only via a program in the Amazon. It has now been extended into other areas, especially the states of Bahia and Espírito Santo. Farmers may apply with banks for 12-year loans of as much as BRL 2.2 million (approximately USD 663,000) each, at interest rates of 7.5% per annum.

*Translated by Gabriel Pomerancblum

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