CMN Resolution No. 5,205 — Amending CMN Resolution No. 5,130 Regarding Financing Under the External Private Capital Mobilization and Exchange Rate Protection Line – Eco Invest Brasil Line, within the National Climate Change Fund (FNMC)

Resolution No. 5,205

CMN RESOLUTION
NO. 5,205, OF APRIL 17, 2025

Amends CMN Resolution No. 5,130, of April 25, 2024, which provides for financing under the External Private Capital Mobilization and Exchange Rate Protection Line – Eco Invest Brasil Line – within the National Climate Change Fund – FNMC.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on April 17, 2025, based on the provisions of Articles 33, § 1, 34, and 40 of Law No. 14,995, of October 10, 2024,

R E S O L V E D:

Art. 1. CMN Resolution No. 5,130, of April 25, 2024, published in the Official Gazette of the Union on April 26, 2024, shall enter into force with the following amendments:

“Art. 1. Financing backed by resources from the External Private Capital Mobilization and Exchange Rate Protection Line – Eco Invest Brasil Line, within the National Climate Change Fund – FNMC, offered by the Eco Invest Brasil Program, established by Law No. 14,995, of October 10, 2024, has the following objectives:

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(NR)

“Art. 2. ...................................................................................................................................

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II - they shall assume all risks of the operations, including credit risk, as provided in Article 33, § 3, and Article 36, § 3, of Law No. 14,995, of October 10, 2024.

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(NR)

“Art. 3. The following conditions apply to operations of the partial financing subline (blended finance) and the subline dedicated to project structuring, referred to in Article 1, sole paragraph, items I and IV, observing the regulations of the Eco Invest Brasil Program and the criteria and conditions established by the Ministry of Finance:

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II - after the homologation of the subline auction, 25% (twenty-five percent) of the loan value shall be disbursed to the selected financial institutions;

III - upon proof of mobilization of at least 25% (twenty-five percent) of the external capital forecast for raising, within twelve months from the date of receipt of the first disbursement, the financial institutions may request the disbursement of a new installment equivalent to 50% (fifty percent) of the loan value;

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VII - risk of the operation: shall be borne by the qualified financial institution.

§ 1. For the purposes of this article, external capital mobilization to the project is understood as the raising or attraction of external resources by financial institutions, with the corresponding disbursement to the project, observing the criteria established by the Ministry of Finance.

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§ 3. Financial institutions must prove the application of resources from the sublines referred to in Article 1, sole paragraph, items I and IV, in eligible projects within twenty-four months.

§ 3-A. For the purposes of proving the provision of § 3, if the financing for eligible projects has a maturity date shorter than that of the partial financing subline (blended finance) or the subline dedicated to project structuring, the resources of the Eco Invest Brasil Program, including those related to private capital mobilization, must be reinvested in eligible projects until the complete repayment of the sublines to the National Treasury.

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§ 5. For the purposes of Article 35, caput, item I, of Law No. 14,995, of October 10, 2024, it shall be the responsibility of the National Treasury Secretariat, with operational support from Banco do Brasil S.A., as applicable, in accordance with Article 38, sole paragraph, of Law No. 14,995, of October 10, 2024, to apply the financial conditions provided in this article.

§ 6. For the purposes of the proof referred to in § 3, financial disbursements to projects must observe the same deadlines established in this Resolution for proving the mobilization of private external capital, limited to twenty-four months from the receipt of the first disbursement, except for cases of projects whose scale and complexity require a longer execution period, duly demonstrated, at the discretion of the Executive Committee of the Eco Invest Brasil Program.

§ 7. In the event of the exception referred to in § 6, the financial institution must remunerate, upon expiration of the twenty-four-month period, the portion of the respective subline proportional to the amount of capital not mobilized to the project at the Selic rate until the effective mobilization of the total external resources to the project.

§ 8. Upon expiration of the deadline defined by the Ministry of Finance for assuming commitments established within each auction, the resources of the Eco Invest Brasil Line proportional to the non-compliance with said commitments shall be returned:

I - at the Selic rate, from the date of receipt of the resources until the date of return; or

II - at a rate of 1% a.a. (one percent per annum), with the difference between the remuneration of the Eco Invest Brasil Line and the Selic rate being reapplied, as defined in an act of the Ministry of Finance, calculated from the date of receipt of the resources until the date of reaplication.

§ 9. Starting from Eco Invest Brasil Auction No. 2/2025, a grace period of up to three years will be permitted, according to the characteristics of each auction defined in an act of the Ministry of Finance.

§ 10. In cases where the act of the Ministry of Finance allows the mobilization of internal capital, the references to the mobilization of external capital in this article encompass the mobilization of internal and external capital.” (NR)

“Art. 3-A. The offering of financing referred to in Article 1, sole paragraph, items I and IV, may be facilitated through:

I - instruments that formalize credit operations, from a legal or economic perspective, carried out in the financial or capital markets, including financial assets, securities, credit titles, loans, and financing;

II - securitization instruments whose backing is composed of financial assets, securities, credit titles, loans, or financing; and

III - shares of investment funds whose investment policy is composed directly and predominantly of financial assets, securities, credit titles, loans, or financing.

§ 1. An act of the Ministry of Finance shall establish, in each auction of the credit lines to facilitate the financing referred to in Article 1, sole paragraph, items I and IV, of this Resolution, the general characteristics of the instruments referred to in this article, for investment by selected financial institutions.

§ 2. The act referred to in § 1 may require that the instruments referred to in items I to III of the caput contain specific characteristics or clauses.

§ 3. The instruments referred to in this article must:

I - be directly backed by projects compatible with the Eco Invest Brasil Program and eligible according to the respective tender and criteria established by the Ministry of Finance;

II - comply with all asset monitoring requirements established by the Eco Invest Brasil Program; and

III - be constituted in accordance with the regulation of the Securities and Exchange Commission (CVM) and fall into one or more categories provided therein.

§ 4. The Securities and Exchange Commission (CVM) may regulate investment funds focused on blended finance structures and sustainable projects, observing the terms of this Resolution.

§ 5. The instruments referred to in items I to III of the caput must maintain their own accounting, with segregation between the financial institution's liabilities with the Eco Invest Brasil Line and the own resources contributed to the investment fund or securitization instruments, and between these and the other assets of the fund or securitization instruments.” (NR)

“Art. 3-B. The status of borrower or beneficiary of the operations covered by this Resolution does not imply the loss of benefits to which the beneficiary of the National Program for Strengthening Family Agriculture – Pronaf is entitled.

Sole paragraph. The operations covered by this Resolution that are classified as rural credit must observe, where applicable, the provisions contained in the Rural Credit Manual – MCR, except those related to renegotiations.” (NR)

“Art. 4. In accordance with Article 41 of Law No. 14,995, of October 10, 2024, and Article 10, caput, item IX, of Law No. 4,595, of December 31, 1964, and within the scope of its other legal attributions, the Central Bank of Brazil will monitor and inspect the acts of financial institutions in accessing and operating the Eco Invest Brasil Line, and may issue regulations and adopt necessary measures to execute the provisions of this Resolution.” (NR)

Art. 2. This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO

President of the Central Bank of Brazil