04 April 2013 19:07 [Source: ICIS news]
CAMPINAS, Brazil (ICIS)--Brazil's development bank, BNDES, plans to increase its spending in fertilizer projects to Brazil reais (R) 2bn ($989m, €770m) by 2015, it said on Thursday.
In the past three years, R250m reais was available in financing, according to Reuters.
The rise in spending includes potassium, phosphate and nitrogen projects, a spokesperson at BNDES said.
The fertilizers segment accounts for 10% of all money the bank had invested in the chemical industry.
"By 2015, we will increase this amount to 50%", it said.
Brazil is the fourth largest fertilizer consumer, just behind the US, India and China.
($1 = €0.78, $1 = R2.03)
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