CMN Resolution No. 4,960 — Defines criteria, conditions, deadlines and remuneration for financial institutions in financing granted under the Amazon, Northeast and Central-West Development Funds

RESOLUTION
CMN NO. 4,960, OF OCTOBER 21, 2021

Defines criteria, conditions, deadlines and remuneration of financial institutions in financing granted under the resources of the Amazon Development Fund (FDA), the Northeast Development Fund (FDNE) and the Central-West Development Fund (FDCO), including those eligible for economic subsidy by the Union.

The
Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31 1964, makes public that the National Monetary Council, in a session held on October 21, 2021, based on art. 4, item VI, of the aforementioned Law, on art. 7-A of Provisional Measures Nos. 2,156-5 and 2,157-5, both of August 24 2001, on Complementary Law No. 129, of January 8, 2009, on arts. 13, 14 and 18 of Law No. 12,712, of August 30 2012, on arts. 2, item VI, and 14 of the Regulation annexed to Decree No. 7,838, of November 9, 2012, on arts. 2, item VI, and 7 of the Regulation annexed to Decree No. 10,053, of October 9, 2019, and on arts. 2, item V, and 6 of the Regulation annexed to Decree No. 10,152, of December 2, 2019,

R
E S O L V E U:

Art.
1º The following criteria, conditions and deadlines necessary for the granting of financing under the resources of the Amazon Development Fund (FDA), the Northeast Development Fund (FDNE) and the Central-West Development Fund (FDCO) are established:

I

• financeable projects: enterprises of interest to legal entities that
  are to be implemented, expanded, modernized and diversified in the region of operation of the Superintendency for the Development of the Amazon (Sudam), the Superintendency for the Development of the Northeast (Sudene) and the Superintendency for the Development of the Central-West (Sudeco), as provided in the regulation of the FDA, FDNE and FDCO, respectively;

II

• participation of the Development Funds: the participation of resources from
  the FDA, FDNE or FDCO in an approved project may be 80% (eighty percent) of the total investment of the project, limited, at most, to 90% (ninety percent) of the fixed investment;

III

• operating agents of the Development Funds:

a) the FDA will have as operating agents Banco da Amazônia S.A. and other financial institutions authorized to operate by the Central Bank of Brazil;

b) the FDNE will have as operating agents Banco do Nordeste S.A. and other financial institutions authorized to operate by the Central Bank of Brazil; and

c) the FDCO will have as operating agents financial institutions authorized to operate by the Central Bank of Brazil.

IV

• risk of operations: entirely by the operating agents;

V

• grace period: up to 1 (one) year after the date scheduled in the project for the start of
  operation of the enterprise, with capitalization of interest during the grace period;

VI

• payment frequency: amortizations and interest payments will be semi-annual;

VII

• financing term: up to 20 (twenty) years for infrastructure projects and up to 12 (twelve) years for other enterprises, including the grace period; and

VIII

• financial charges:

a) effective interest rate of 5% p.a. (five percent per year) up to 6.5% p.a. (six and five tenths percent per year), for operations that, until January 20, 2014, were contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent, as per Annex I;

b) effective interest rate of 6% p.a. (six percent per year) up to 7.5% p.a. (seven and five tenths percent per year), for operations contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 21, 2014 to December 31, 2014, as per Annex I;

c) effective interest rate of 7.5% p.a. (seven and five tenths percent per year) up to 9% p.a. (nine percent per year), for operations contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 1, 2015 to December 31, 2015, as per Annex I;

d) effective interest rate of 12% p.a. (twelve percent per year) up to 13% p.a. (thirteen percent per year), for operations contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 1 to March 14, 2016, as per Annex I;

e) effective interest rate of 9.5% p.a. (nine and five tenths percent per year) up to 11% p.a. (eleven percent per year), for operations contracted between March 15, 2016 and December 31, 2016, as per Annex I;

f) effective interest rate of 7.85% p.a. (seven and eighty-five hundredths percent per year) up to 10% p.a. (ten percent per year), for operations contracted from January 1, 2017 to March 31, 2017, as per Annex I;

g) effective interest rate of 7.35% p.a. (seven and thirty-five hundredths percent per year) up to 9.5% p.a. (nine and five tenths percent per year), for operations contracted from April 1, 2017 to December 31, 2017, as per Annex I; and

h) interest rate of the Development Funds (TFD), for operations contracted from January 1, 2018 onwards.

§
1º For the purposes of this Resolution, total investment is considered the sum of investments in fixed capital and investments in working capital.

§
2º Fixed capital investment is considered the expenditures linked to the project, including economic-financial, environmental and their compensations, civil and related projects, carried out from the 6 (six) months prior to the filing of the prior consultation with the regional development superintendency in its area of operation, with:

I

• preliminary and complementary works;

II

• civil works;

III

• water reserve formation and drainage works in an integrated irrigation project;

IV

• infrastructure;

V

• machinery, installations, equipment and appliances, including assembly,
  adjustment and training;

VI

• utility vehicles and vessels;

VII

• furniture and utensils;

VIII

• land and soil preparation for planting;

IX

• acquisition of seeds and seedlings;

X

• establishment of nurseries and clonal gardens;

XI

• planting;

XII

• agricultural and livestock facilities;

XIII

• acquisition of animals, including semen; and

XIV

• unforeseen expenses, to correct errors and omissions in the project,
  provided they refer to expenditures provided for in items I to XIII of this paragraph and limited to up to 3% (three percent) of the total of their fixed investments and duly proven and accepted by the supervision of the operating agent.

§
3º Without prejudice to the provisions of § 2º, they are not considered as investments in fixed capital, for the purpose of calculating the limit established in item II of the main text, expenditures made with:

I

• acquisition of land and terrain for the implementation of the enterprise, including
  expenses with deed, taxes, fees, registrations and other similar expenses;

II

• any fixed capital investments made before 6 (six) months of the
  date of filing the prior consultation with the regional development superintendency in its area of operation;

III

• expenses made from 6 (six) months before the filing of the
  prior consultation with the regional development superintendency in its area of operation, whose values have not been attested by the operating agent;

IV

• acquisition of any used capital goods, except when provided for in the approved project;

V

• excess of the value proposed for investments by the interested party, in relation
  to the market price, not attested by the operating agent;

VI

• purchase of corporate shares; and

VII

• franchise fee paid abroad and other fees or any expenses
  characterized as remittances of foreign currency.

§
4º Without prejudice to other legal prohibitions, projects that have as object:

I

• activities that are in disagreement with the legislation, including environmental;

II

• arms trade; and

III

• activities related to the production and marketing of tobacco and related products.

§
5º The participation of the resources of the FDA, FDNE and FDCO will be defined according to spatial and sectoral priorities as per Annex II.

§
6º For operations contracted between January 1, 2018 and March 1, 2018, the TFD referred to in item "h" of item VIII of the main text will be calculated monthly according to the following formula:

TFD
= {FAM * [1 + (CDR * FP * Fixed Interest of TLP)]DU/252 - 1} + {[(1+REMAG)1/12] - 1}, where:

I

• FAM corresponds to the Monetary Update Factor (FAM), calculated according to the methodology defined in § 8º of this article;

II

• CDR corresponds to the Regional Imbalance Coefficient (CDR), mentioned in
  art. 1º-D of Law No. 10,177, of January 12, 2001;

III

• FP corresponds to the Program Factor (FP), calculated according to the type of
  operation or purpose of the project, as per Annex III of this Resolution, thus defined:

a) factor 0.65 (sixty-five hundredths), for project type A;

b) factor 0.85 (eighty-five hundredths), for project type B;

c) factor 1.05 (one and five hundredths), for project type C; and

d) factor 1.25 (one and twenty-five hundredths), for project type D;

IV

• Fixed Interest of TLP corresponds to the fixed interest rate mentioned in the main text
  of art. 3º of Law No. 13,483, of September 21, 2017, and calculated according to the methodology defined in § 10 of this article;

V

• DU corresponds to the number of business days of the month to which the TFD refers;

VI

• REMAG corresponds to the remuneration of the operating agents defined in art. 4º
  of this Resolution, expressed in unit form with 4 (four) decimal places.

§
7º For operations contracted from March 2, 2018 onwards, the TFD referred to in item "h" of item VIII of the main text will be calculated monthly according to the following formula:

TFD
= {FAM * [1 + (CDR * FP * Fixed Interest of TLP)]DU/252 – 1}, where:

I

• FAM corresponds to the Monetary Update Factor (FAM), calculated according to the methodology defined in § 8º of this article;

II

• CDR corresponds to the Regional Imbalance Coefficient (CDR), mentioned in
  art. 1º-D of Law No. 10,177, of 2001;

III

• FP corresponds to the Program Factor (FP), calculated according to the type of
  operation or purpose of the project, as per Annex III of this Resolution, thus defined:

a) factor 0.85 (eighty-five hundredths), for project type A;

b) factor 1.05 (one and five hundredths), for project type B;

c) factor 1.25 (one and twenty-five hundredths), for project type C; and

d) factor 1.45 (one and forty-five hundredths), for project type D;

IV

• fixed interest of TLP corresponds to the fixed interest rate mentioned in the main text
  of art. 3º of Law No. 13,483, of 2017, and calculated according to the methodology defined in § 10 of this article;

V

• DU corresponds to the number of business days of the month to which the TFD refers.

§
8º For the purpose of calculating the FAM referred to in item I of § 6º and item I of § 7º of this article, the following formula will be applied:

I

• FAMm corresponds to the factor to be applied during the month of
  reference "m" to the credit operations referred to in art. 1º, item VIII, item "h", of this Resolution, expressed with 6 (six) decimal places and mathematical rounding;

II

• ᴨm-1 corresponds to the percentage variation of the National Consumer Price Index Broad (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE Foundation), referring to the first month prior to the month of reference "m", expressed in unit form with 4 (four) decimal places;

III

• ᴨm-2 corresponds to the percentage variation of the IPCA, calculated and
  published by the IBGE Foundation, referring to the second month prior to the month of reference "m", expressed in unit form with 4 (four) decimal places;

IV

• ndup is equal to the number of business days between the 1st (inclusive) and
  the 15th (exclusive) of the month of reference "m" of the credit operations referred to in art. 1º, item VIII, item "h", of this Resolution;

V

• ndus is equal to the number of business days between the 15th (inclusive) and
  the last day (inclusive) of the month of reference "m" of the credit operations to which art. 1º, item VIII, item "h", of this Resolution refers;

VI

• ndmp is equal to the total number of business days between the 15th of the
  first month prior to the month of reference "m" (inclusive) and the 15th of the month of reference "m" (exclusive);

VII

• ndms is equal to the total number of business days between the 15th of the month
  of reference "m" (inclusive) and the 15th of the first month subsequent to the month of reference "m" (exclusive).

§
9º The FAM must be calculated taking into account each business day of the validity of the credit operation, using as reference the percentage variation of the IPCA referring to:

I

• the second month prior to the month of reference "m", pro rata die, for
  updates until the 14th (inclusive) of each month; and

II

• the second month prior to the month of reference "m", pro rata die, until the
  14th (inclusive) of each month, conjugated with the first month prior to the month of reference "m", pro rata die, from the 15th (inclusive), for updates subsequent to the 14th (exclusive) of each month.

§
10. For the purpose of calculating the Fixed Interest of TLP (J) referred to in
item IV of § 6º and item IV of § 7º of this article, the following formula will be applied:

J
= ak * Jm / 100 , where:

I

• ak corresponds to the adjustment factor referred to in § 1º of art. 3º
  of Law No. 13,483, of 2017, and art. 4º of Resolution No. 4,600, of September 25 2017; and

II

• Jm corresponds to the fixed interest rate referred to in arts. 2º
  and 3º of Resolution No. 4,600, of 2017.

§
11. The rate "J" referred to in § 10, stipulated for a certain credit operation, will be:

I

• fixed based on the interest rate "Jm" and the adjustment factor "ak"
  vigilant in the month of contracting the financing operation; and

II

• applied uniformly until the maturity of the credit operation.

Art.
2º In all operations, a commission of up to 0.2% (two tenths percent) of the value of the financing operation, limited to R$500,000.00 (five hundred thousand reais), may be charged from the proponents, as remuneration of the operating agent of the FDA, FDNE or FDCO, for the services of analysis of economic-financial feasibility of the projects.

Art.
3º The resources transferred by the FDA, FDNE and FDCO to the operating agents for the realization of the financing operations referred to in this Resolution will be reimbursed to the Funds, observing the following conditions:

I

• grace and amortization periods: the same as the financing operation;

II

• remuneration of the Fund resources to be paid semi-annually by the operating
  agents after the grace period, observing the provisions of § 1º of art. 6º:

a) of 4% p.a. (four percent per year) on the outstanding balance of each operation contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent until January 20, 2014;

b) of 5% p.a. (five percent per year) on the outstanding balance of each operation contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 21, 2014 to December 31, 2014, as per Annex I;

c) of 5% p.a. (five percent per year) up to 6.5% p.a. (six and five tenths percent per year) on the outstanding balance of each operation contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 1, 2015 to December 31, 2015, as per Annex I;

d) of 9.5% p.a. (nine and five tenths percent per year) up to 10.5% (ten and five tenths percent per year) on the outstanding balance of each operation contracted or whose prior consultation was approved by Sudam, Sudene or Sudeco and the consultation letter approved by the operating agent from January 1, 2016 to March 14, 2016, as per Annex I;

e) of 7% p.a. (seven percent per year) up to 8.5% p.a. (eight and five tenths percent per year) on the outstanding balance of each operation contracted between March 15, 2016 and December 31, 2016, as per Annex I;

f) of 5.35% p.a. (five and thirty-five hundredths percent per year) up to 7.5% p.a. (seven and five tenths percent per year) on the outstanding balance of each operation contracted from January 1, 2017 to March 31, 2017, as per Annex I;

g) of 4.85% p.a. (four and eighty-five hundredths percent per year) up to 7% p.a. (seven percent per year) on the outstanding balance of each operation contracted from April 1, 2017 to December 31, 2017, as per Annex I; and

h) equivalent to the TFD, according to the methodology defined in art. 1º, §§ 6º to 11, of this Resolution, discounted by 2.5% p.a. (two and five tenths percent per year) equivalent to the remuneration of the operating agents, as defined in art. 4º of this Resolution, on the outstanding balance of each operation contracted from January 1, 2018 onwards;

III

• the operating agent will have a period of up to 5 (five) business days, from the
  receipt of the Fund's resources, to transfer to the beneficiary of the financing, and failure to comply with this deadline will result in the application of the Selic rate on the transferred value, without prejudice to other measures provided for in the respective regulation of the Funds.

§
1º The payments of the installments due by the operating agent to the Funds must be transferred within a period of up to 5 (five) business days from receipt.

§
2º Failure to meet the deadline established in § 1º of this article will result in application of the Selic rate on the installments due by the operating agent, without prejudice to other measures provided for in the respective regulation of the Development Fund.

§
3º In the case of defaulted operations, the operating agent must reimburse the Fund corresponding amounts due, within 6 (six) months from the date of maturity of the installments.

§
4º In the event of early maturity, the amounts will be due to the Funds from the date on which the operation is declared early matured.

§
5º The amounts to be transferred to the Funds under §§ 3º and 4º will be updated by the Selic rate after 5 (five) business days from the maturity of the installments until their effective payment by the financial agents.

Art.
4º The remuneration of the operating agents of the Development Funds corresponds to 2.5% p.a. (two and five tenths percent per year) and will be composed by the equalization rate to be paid by the National Treasury, if any, and by the difference between the rate paid by the borrower, according to item VIII of the main text of art. 1º and the main text of art. 5º, and the rate of remuneration of the resources of the Development Funds, according to item II of the main text of art. 3º and the sole paragraph of art. 5º, without prejudice to the charge established in art. 2º.

Art.
5º In the case of operations whose prior consultation was approved by Sudam or by Sudene and the consultation letter approved by the operating agent, until December 31, 2012, the effective interest rate will be 2.5% p.a. (two and five tenths percent per year), if the financing operations are contracted until June 28, 2013.

Sole
Paragraph. For operations contracted in accordance with the main text, the remuneration of the resources of the Development Funds will be 1.5% p.a. (one and five tenths percent per year) on the outstanding balance of each operation, to be paid semi-annually by the operating agents after the grace period.

Art.
6º Financing eligible for subsidy by the Union, in the form of equalization of interest rates, referred to in art. 13 of Law No. 12,712, of August 30 2012, must observe the provisions of arts. 1º to 5º.

§
1º The Ministry of Economy will establish, by means of ordinance, the limits, the methodology, the operational norms and other conditions for the payment of the equalization related to the financing referred to in this article.

§
2º Financing eligible for the subsidy referred to in the main text will only be granted by official federal financial institutions, as provided in art. 13 of Law No. 12,712, of 2012.

Art.
7º In the case of already contracted operations with shared risk with the FDA or FDNE, the operating agent may assume the entire risk of the operation, through the celebration of an amendment or new contract with the regional development superintendency in its area of operation, applying the provisions of arts. 3º and 4º.

Sole
Paragraph. The amendments referred to in the main text will include a reduction of the interest portion intended as revenue to the Funds, so that the total rate of charges paid by the borrower remains unchanged.

Art.
8º In operations classified under items "a" to "d" of item VIII of the main text of art. 1º, the application of the lower rate between that vigilant on the date of approval of the prior consultation or the consultation letter and that vigilant on the date of contracting the financing will prevail.

Sole
Paragraph. The rate of remuneration of the Fund resources under item II of the main text of art. 3º will be that corresponding to the period of validity of the interest rate effectively contracted under the main text of this article.

Art.
9º Resolution CMN No. 4,930, of July 29, 2021, is revoked.

Art.
10. This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos
Neto

President of the Central Bank of Brazil

ANNEX I

FINANCIAL CHARGES AND
REMUNERATION

a) Operations with FDNE and FDA resources:

Project Type	Sudam/ Sudene Sectoral Priority	Sudam/ Sudene Spatial Priority	Infrastructure	Final charge to the borrower (in % p.a.)							Fund Resource Remuneration (in % p.a.)
Until 20.1.2014	From 21.1.14 to 31.12.14	From 1.1.15 to 31.12.15	From 1.1.16 to 14.3.16	From 15.3.16 to 31.12.16	From 1.1.17 to 31.3.17	From 1.4.17 to 31.12.17	Until 20.1.2014	From 21.1.14 to 31.12.14	From 1.1.15 to 31.12.15	From 1.1.16 to 14.3.16	From 15.3.16 to 31.12.16	From 1.1.17 to 31.3.17	From 1.4.17 to 31.12.17
A	x	x	x	5.0	6.0	7.5	12.0	9.5	7.85	7.35	4.0	5.0	5.0	9.5	7.0	5.35	4.85
B	x	x		5.5	6.5	8.0	12.25	10.0	8.25	7.75	4.0	5.0	5.5	9.75	7.5	5.75	5.25
C	x		x	6.0	7.0	8.5	12.75	10.5	8.65	8.15	4.0	5.0	6.0	10.25	8.0	6.15	5.65
D	x			6.5	7.5	9.0	13.0	11.0	9.10	8.6	4.0	5.0	6.5	10.5	8.5	6.60	6.10

b) Operations with FDCO resources:

---

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Project Type	Sudeco Sectoral Priority	Sudeco Spatial Priority	Infrastructure	Final Charge to Borrower (% p.a.)							Fund Resource Remuneration (% p.a.)
Until 20.1.2014	From 21.1.14 to 31.12.14	From 1.1.15 to 31.12.15	From 1.1.16 to 14.3.16	From 15.3.16 to 31.12.16	From 1.1.17 to 31.3.17	From 1.4.17 to 31.12.17	Until 20.1.2014	From 21.1.14 to 31.12.14	From 1.1.15 to 31.12.15	From 1.1.16 to 14.3.16	From 15.3.16 to 31.12.16	From 1.1.17 to 31.3.17	From 1.4.17 to 31.12.17
A	x	x	x	5.0	6.0	7.5	12.0	9.5	8.5	8.0	4.0	5.0	5.0	9.5	7.0	6.0	5.5
B	x	x		5.5	6.5	8.0	12.25	10.0	9.0	8.5	4.0	5.0	5.5	9.75	7.5	6.5	6.0
C	x		x	6.0	7.0	8.5	12.75	10.5	9.5	9.0	4.0	5.0	6.0	10.25	8.0	7.0	6.5
D	x			6.5	7.5	9.0	13.0	11.0	10.0	9.5	4.0	5.0	6.5	10.5	8.5	7.5	7.0

ANNEX II

MAXIMUM PARTICIPATION LIMIT OF THE FUNDS

Location	Economic Sectors
Infrastructure – Sanitation and Water Supply	Infrastructure	Public Service	Structurer	Other Sectors
Priority Areas	80%	60%	60%	55%	50%
Other Areas	70%	50%	50%	45%	40%

ANNEX III

PROGRAM FACTORS

Project Type	Sudam/Sudene/Sudeco Sectoral Priority	Sudam/Sudene/Sudeco Spatial Priority	Infrastructure	Program Factors between 2/1/2018 and 1/3/2018	Program Factors from 2/3/2018
A	X	X	X	0.65	0.85
B	X	X		0.85	1.05
C	X		X	1.05	1.25
D	X			1.25	1.45