Merchant Marine Fund approves investment of R$5.6 billion for Brazil’s naval sector

The Council Director for the Merchant Marine Fund (CDFMM) approved R$ 5.6 billion in investments for the naval sector at a virtual meeting held this month. Most of the resources will be allocated to projects that had already been approved by the Council and that have obtained a new term for contracting finances from the Fund . At the meeting the council also approved FMM’s 2019 accounts.

Of the amount approved, R$4.9 billion was allocated to projects that had already been approved by the board, and R$654.3 million went to new projects. Authorization was also granted to change the project, with no impact on the previously stipulated amount. The prioritized projects refer to the construction, conversion, repair and modernization of port support vessels, maritime support and cargo, as well as to support the construction of a shipyard.

The CDFMM Resolution will be published in the Federal Official Gazette (DOU) with priority projects defined by the council. With this, the companies will be able to get financing through financial agents such as BNDES, BB, CEF, BNB and BASA.  The FMM can finance up to 90% of the value of the projects requested. The financing percentage will depend on the national content and the type of vessel, according to the Resolution of the National Monetary Council No. 3,828 / 2009.

The Fund is the main instrument for promoting the naval sector, and has provided resources for the installation and modernization of shipyards, and for Brazilian companies to be able to establish, renew or expand their fleet of vessels. It is administered by the Ministry of Infrastructure, through the CDFMM.

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