A credit line of nearly US$4.6 billion was approved for the meat processing industry by the Brazilian government’s National Monetary Council.
Among the companies helped are JBS, Sadia and Marfrig, according to reports by Bloomberg and Reuters.
Sadia and Marfrig, as well as producing beef, are also among the largest poultry producers in Brazil; and they have poultry operations overseas.
Other Brazilian food production companies will also have access to this new line of credit, including the poultry and pork producers.
The credit line has favorable subsidized interest rates, 11.25%, and had been expected for a couple of months.
The stocks of the affected companies rose in value Thursday, April 16, after the credit announcement was made.
