Business
Verde Potash is Selected to Obtain Financing from Inova Agro
TORONTO , Feb. 18, 2014 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company")...
About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\nTORONTO, Feb. 18, 2014 /CNW/ - Verde Potash (TSX: \"NPK\") (\"Verde\" or the \"Company\") is pleased to announce that\n Inova Agro, a special financing program of the Brazilian government,\n has selected the Company to obtain financing for their Cerrado Verde\n Potash Project. The Company will issue a subsequent press release with\n additional details.\n\n\n\"Inova Agro's decision is immensely important not only for Brazil but\n for the world's population, ever so reliant on Brazil's food\n production. Thanks to a groundbreaking funding program in the\n agriculture sector, Brazil takes a step towards reducing its economy's\n debilitating dependency on imported potash,\" commented Cristiano\n Veloso, President and CEO.\n\n\nInova Agro is a Brazilian government program intended to fund innovative\n projects in the agriculture sector, including those focused on\n fertilizers. Selected projects will be considered for subsidized\n interest rates, equity investment and non-reimbursable project\n investment grants from the Brazilian Development Bank (\"BNDES\") and/or\n the Financing Agency for Studies and Projects (\"FINEP\"), both of which\n are arms of the Brazilian government with a mandate to support domestic\n projects.\n\n\nInova Agro\n\n\nInova Agro is an initiative of the Brazilian government aimed at\n coordinating the resources of BNDES and FINEP to provide financial\n support to innovative projects in the agriculture sector. The Inova\n Agro support program involves a specific set of criteria and a schedule\n for the distribution of funds. Verde submitted its application and\n support documentation to the Inova Agro program in August 2013 and in\n September 2013 was notified of its selection to advance to the\n program's next round of evaluation. Companies and projects that are\n successful in securing financial support from Inova Agro will have\n funding plans set starting in March 2014.\n\n\nThe Inova Agro program targets three business sectors for funding:\n agribusiness inputs, food industry processing and agribusiness\n equipment. The Company's Cerrado Verde project expects to significantly\n contribute to Brazil's production of potash fertilizers and therefore\n fits into the inputs for agribusiness (fertilizers) portion of the\n program.\n\n\nInova Agro is part of the larger Inova Empresa program, which spans a...