Brazil sets up $38 billion ethanol subsidy program to stimulate expansion

In Brazil, the world's No. 1 sugarcane producer and biofuel pioneer, the government announced a program giving $38 billion in subsidized credit to the ethanol sector. The program is expected to increase sugar production and milling industries while ultimately doubling the annual turnover of the ethanol industry. In light of Brazil’s $48 billion dollar sugar and ethanol industry, the program is also expected to increase exports into the world market.

Source: Reuters, February 24, 2012

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