Brazil boosts port infrastructure with funding

Maritime projects fast-tracked with funding approval

{reg}Brazil's port infrastructure receives a substantial USD 181.4 million funding approval. Key maritime projects, prioritized by the Council for the Development of the Merchant Marine (CDFMM), are set to benefit from this funding. These projects will soon be published in the Official Gazette of the Union (DOU), enabling eligible companies to secure financing through financial institutions such as BNDES, BB, CEF, BNB, and BASA.

A Ministry of Infrastructure resolution, No. 1,460/2022, outlines the procedures and rules for granting priority status by CDFMM. It also establishes a 450-day deadline for completing financing contracts for new projects. Two projects, valued at approximately USD 87.23 million and USD 94.18 million, have received approval. The Fund can finance up to 90 percent of the project's cost. Financing costs with FMM resources depend on factors like domestic content and vessel type, as defined in Central Bank Resolution No. 5,031/2022.

The Ministry of Ports and Airports manages the Maritime Mercantile Fund through CDFMM, aiming to bolster Brazil's maritime mercantile sector, shipbuilding, and repair industries. This investment will significantly enhance the nation's port infrastructure, fostering economic growth in the sector.[/reg]