BNDES approves millions for Brazil cane ethanol innovation

In Brazil, BNDES, the country's national development bank, and the state research-financing agency FINEP are providing 1.48 billion reais ($618 million) to encourage agricultural innovation in its sugar-based ethanol industry.

Reports say Banco Nacional de Desenvolvimento Economico & Social, as the development bank is officially known, and Financiadora de Estudos e Projetos (FINEP) will offer 10-year loans at 4% interest rates.