MILAN – According to reports, the National Monetary Council, Brazil’s highest economic decision-making body, has given the green light to the distribution of 900 million reais ($407.5 million) in financing for the country’s coffee chain.
The measure was approved in last Friday’s meeting, but was revealed only yesterday.
The money will be distributed through banks starting July 1, says the Central Bank of Brazil, which posted the resolutions passed by the Council on its website.
According to the resolution, the Council approved the lending of BRL200 million to makers of soluble coffee, BRL300 million to coffee roasters and BRL400 million to coffee growers’ cooperatives.
