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Brazilian Bank Helps Beef Sector

25 March 2009

BRAZIL - The Brazilian Development Bank (BNDES) is looking at ways to support the Brazilian beef processing sector that is facing difficulties because of the international credit crisis.

The president of the BNDES, Luciano Coutinho said that the bank was looking at appropriate measures to deal with a problem that was immediate but not systemic.

He said that no specific plan had yet been drawn up but the decision had been made to support the sector and a further information would be made available next month.

According to a report from the Brazilian beef export association ABIEC, the bank president said he could not make comments on specific companies, but he said that the sector was basically healthy and where a company, which was doing good business, but encountered problems, the bank could support it.

The bank president also denied that they had been ordered to take action to support the sector by the President of Brazil Luiz Inácio Lula da Silva.

Further Reading

- View our report, The Stumbling Steps of a Brazilian Beef Giant, by clicking here.

TheCattleSite News Desk



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