October 19 (Renewables Now) - The Brazilian Development Bank, or BNDES, announced on Thursday it is granting a BRL-50-million (USD 13.43m/EUR 11.72m) loan to local ethanol producing company Companhia Agricola Usina Jacarezinho.
The funds come through BNDES Giro, a programme available to companies of all sectors and sizes in need of working capital. It will enable the firm to improve its current sugar processing capacity, the bank said.
During last year's harvest, Jacarezinho processed nearly 2.5 million tonnes of sugarcane, of which 42% were used in ethanol production. In addition to generating hydrous and anhydrous biofuel, the company also produces sugar and is involved in the metallurgy sector.
(BRL 1 = USD 0.27/EUR 0.23)