By the way, the company's new release dated March 19, 2014 says:
“Verde submitted its application and support documentation to the Inova Agro program in August 2013 and in February 2014, the Company was notified of its selection. Verde submitted its business plan for the development of Cerrado Verde, at an estimated total of R$ 280 million (approximately US$ 115 million), of which R$ 250 million (approximately US$ 105 million) was asked from Inova Agro. This capital is to be provided via loans with subsidized interest rates, equity investment and non-reimbursable project investment grants from the Brazilian Development Bank ("BNDES") and/or the Financing Agency for Studies and Projects ("FINEP"), both of which are branches of the Brazilian government that operate Inova Agro. Of the total capital, up to R$ 10 million (approximately US$ 4.2 million) can be provided as a non-reimbursable project investment grant”.
verdepotash.com
However, if you go to BNDES link below, it says Verde's business plan would get loans via BNDES only. I assume there isn't any non-reimbursable project investment grants as well FINEP is likely not involved in this process.
Why the company hasn't provided any clear update on this matter? In light of an economic and political crisis, are these funds still available for disbursements? What's the company's plan to provide collateral for the BRL 250 million loan?
bndes.gov.br
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