Brazilian gov't announces credit line for African farmers

RIO DE JANEIRO, Nov. 17 (Xinhua) -- Brazil's Foreign Trade Chamber (Camex) announced Wednesday a new credit line for African food producers to purchase tractors and other farm machinery in the country.

According to Camex, the state-owned Banco do Brasil will finance the farm machinery purchases, but the interest rate and the maximum loans have yet to be announced.

Camex said the credit line would be launched early next year and the Brazilian government planned to release 240 million U.S. dollars in 2011 and 400 million dollars in 2012.

The first batch of countries to benefit from the new credit line will be Ghana and Zimbabwe, Camex Secretary Executive Helder Chaves said, adding that the loans will be granted to citizens of all African countries.

The measure needs the approval of Brazilian Congress.

Camex also announced that the Brazilian government has been authorized to cut the import tax for products from poor countries in Africa and Asia to stimulate the export of these countries.

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