Resolution CMN No. 3759 — Establishes Conditions for Concessions of Subsidized Financing for Capital Goods and Technological Innovation

RESOLUTION NO. 3759

Establishes the conditions for the granting of financing subject to economic subsidy by the Union, destined for the acquisition and production of capital goods and for technological innovation.

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 July 9, 2009, based on Article 4, item VI, of Law No. 4,595 of 1964, and Article 1 of Provisional Measure No. 465 of June 29, 2009,

RESOLVES:

Art. 1. The conditions necessary for the granting of financing subject to economic subsidy by the Union to the National Bank for Economic and Social Development (BNDES), under the modality of interest rate equalization, are established, observing the following:

I - beneficiaries and financeable items, respecting the requirements of the BNDES:

a) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels, for the acquisition or production of new buses, trucks, chassis, tractor trucks, trailers, tractor units, semi-trailers (including dolly types), tanks, and similar items;

b) individuals residing and domiciled in the country, individual entrepreneurs, micro-enterprises, and leasing companies (provided that the lessee is an autonomous truck driver, individual entrepreneur, or micro-enterprise), from the road freight transport segment, for the acquisition or production of new or used trucks, chassis, tractor trucks, trailers, tractor units, semi-trailers (including dolly types), tanks, and similar items, truck bodies, new tracking systems, property insurance, and credit life insurance;

c) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels; individuals, residing and domiciled in Brazil (provided they are rural producers and for investment in the agricultural sector), for the acquisition or production of other capital goods, including agricultural ones, and associated working capital, with the exception of those cited in items "a" and "b" of this section;

d) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations from the capital goods sector, for acquisition by the importer located abroad of capital goods marketed by the beneficiary abroad (post-shipment);

e) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations from the capital goods sector, for the production of capital goods destined for export (pre-shipment);

f) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations that intend to develop projects of a technological nature aimed at the development of new or significantly improved products or processes (at least for the national market) and that involve technological risk and market opportunities; and

g) national and foreign companies, with headquarters and administration in Brazil, individual entrepreneurs, associations, and foundations that intend to develop the capacity to undertake innovative activities on a systematic basis, comprising investments in tangible capital, including physical infrastructure, and in intangible capital;

II - resources (total and source): the total of the financing to be subsidized by the Union will be subject to a limit of R$42,500,000,000.00 (forty-two billion and five hundred million reais), with resources from the BNDES;

III - limit per company: at the discretion of the BNDES;

IV - financial agents: BNDES and financial institutions accredited by it;

V - distribution of the total resources referred to in item II of this article, financial charge, and repayment term by financeable item:

a) up to R$18,500,000,000.00 (eighteen billion and five hundred million reais) for the financing referred to in item "a" of section I, with an interest rate of seven percent per annum and a repayment term of up to ninety-six months, including three or six months of grace period for the principal;

b) up to R$1,000,000,000.00 (one billion reais) for the financing referred to in item "b" of section I, with an interest rate of four and five-tenths percent per annum and a repayment term of up to ninety-six months, including three or six months of grace period for the principal;

c) up to R$12,000,000,000.00 (twelve billion reais) for the financing referred to in item "c" of section I, with an interest rate of four and five-tenths percent per annum and a repayment term of up to one hundred and twenty months, including from three to twenty-four months of grace period for the principal;

d) up to R$1,400,000,000.00 (one billion and four hundred million reais) for the financing referred to in item "d" of section I, with interest rates equivalent to LIBOR or other remuneration provided by law, corresponding to the financing term, with a repayment term of up to one hundred and eighty months, with a grace period for the principal at the discretion of the BNDES;

e) up to R$7,600,000,000.00 (seven billion and six hundred million reais) for the financing referred to in item "e" of section I, with interest rates of four and five-tenths percent per annum and a repayment term of up to thirty-six months, with a grace period for the principal at the discretion of the BNDES;

f) up to R$1,000,000,000.00 (one billion reais) for the financing referred to in item "f" of section I, with interest rates of three and five-tenths percent per annum and a repayment term of up to one hundred and twenty months, including up to thirty-six months of grace period for the principal; and

g) up to R$1,000,000,000.00 (one billion reais) for the financing referred to in item "g" of section I, with interest rates of four and five-tenths percent per annum and a repayment term of up to ninety-six months, including up to twenty-four months of grace period for the principal;

VI - payment frequency: at the discretion of the BNDES;

VII - operational risk: borne by the BNDES in operations carried out directly by it, and by the financial institutions accredited by it in other cases; and

VIII - contracting period: until December 31, 2009.

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

Brasília, July 9, 2009.

Henrique de Campos Meirelles
President