Banco do Brasil (BB) responded to a request from the Confederation of Agriculture and Livestock of Brazil (CNA) and authorized the extension of plots of costing and investment operations that expired in 2017 and maturing in 2018. The measure benefits ranchers the Country and rural producers in the area of operation of the Superintendency of Development of the Northeast (Sudene) who had difficulties to pay their credit agreements.
By the defined rules, BB reprogrammed costing and investment plots of producers from all over the Country for one year after the end of the contract. For dairy cattle or mixed cattle, breeders are required to pay 20% of the outstanding debt in 2018 and to extend the remainder for two years.
For beef cattle farmers, it is necessary to pay 30% of the portion of the debt due this year and the remaining 70% of the liabilities can be extended for three years. In the Sudene region, the bank has defined that the costing plots for livestock and fruit farming will be extended for four years, divided into four annual installments, with the first being paid in 2020. For the other segments in Sudene, costing contracts may also be extended for four years and divided into four annual installments. The first installment can be paid in 2019. Producers wishing to extend the deadline should contact the manager of their account with Banco do Brasil.