BNDES approves US$ 373 million-loan to support cane production

The Brazilian Development Bank, or BNDES, approved a U$ 373-million-loan to expand Brazil’s sugar and ethanol sector.

The initiative is part of a support programme for sugarcane production called BNDES Prorenova, whose goal is to support over 400,000 hectares (988,421 acres) of sugarcane to be used also in the production of ethanol.

Launched in early 2012, BNDES Prorenova aims to encourage the production of sugarcane through financing the renovation of old plantations and expansion of cane acreage.