Japan agreed on Friday to lend $200 million to Brazil's Amaggi Exportacao e Importacao, one of the world's largest soybean growing operations, as the Asian country deepens its footprint in Brazil's farm belt. The deal was signed by Kazuhiko Bando, president of export credit agency Nippon Export and Investment Insurance (NEXI) and executives of Amaggi, in the presence of Brazilian President Dilma Rousseff and Japanese Prime Minister Shinzo Abe.Financing will come from Sumitomo Mitsui Banking Corp (SMBC), the main banking unit of Tokyo-based Sumitomo Mitsui Financial Group, and is guaranteed by NEXI. It is one of nine deals signed between the two countries.Amaggi, controlled by Mato Grosso state Senator Blairo Maggi, produces and processes grain in Brazil's center-west and sells to traders including Japan's Marubeni Corp..Another Japanese trading house, Mitsui, has been developing agricultural projects in Brazil via its subsidiary Multigrain since 2007 and last year formed a joint venture with Brazil's SLC Agricola.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG traded higher by 0.36% or $0.03/share to $8.26. In the past year, the shares have traded as low as $7.59 and as high as $10.59. On average, 1049360 shares of SMFG exchange hands on a given day and today's volume is recorded at 498761.
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