Shares of Brazilian meat industry companies soared after the Brazilian government's National Monetary Council approved a 10 billion reais ($4.6 billion) credit line for local meat processing companies.
The line of credit will have a favourable subsidised interest rates (11.25%), and it had been expected by the industry for a couple of months.
"It will help the meatpackers sector fundamentally, but also the pork, poultry and beef producers," Finance Minister Guido Mantega declared.
The governmental boost has affected meat companies' stock prices: for instance, Sadia, one of the largest processors of pork and poultry, rose 3.7 percent to 3.36 reais. The credit originates from the BNDES development bank.
