Ceres, an agricultural biotechnology and seed company, is to enhance its product development programs in Brazil and expand its development activities in biotech traits for sorghum and sugarcane over the next four years. The programs will now be funded in part under the Brazilian government’s PAISS Agricola initiative, which promotes agricultural innovations in sugarcane as well as other energy crops.
Under the PAISS program, Ceres is eligible for a multi-year credit facility of up to USD 34M, at a government-subsidized, preferential interest rate. The company was also awarded approximately USD 4.5M in the form of non-repayable grants to be drawn over four years. Ceres expects to complete the application and grant award process by the end of calendar year 2014.
The PAISS project is jointly managed by Brazil’s national development bank, BNDES, and by the government’s research financing agency, FINEP. The competitive application process included over 60 proposals. Ceres was one of only five organizations to be selected for both a loan and a grant.
