Resolution CMN No. 4170 — Establishes Conditions for Financing Subsidized by Economic Subsidies under Laws No. 12,096 and 12,409

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on December 20, 2012, based on Article 4, item VI, of Law No. 4,595 of 1964, Article 1 of Law No. 12,096 of November 24, 2009, and Article 4 of Law No. 12,409 of May 25, 2011,

R E S O L V E S:

Article 1. The necessary conditions for granting financing eligible for 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 - Subprogram "Buses and Trucks":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; public law legal entities, at the state, municipal, and Federal District levels;

b) financeable items: acquisition, financial leasing, or production of buses, trucks, chassis, tractor units, trailers, semi-trailers (including dolly types), tanks, and similar items, new;

c) resource limit: up to R$88,300,000,000.00 (eighty-eight billion and three hundred million reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per year, for operations contracted until June 30, 2010;

2. 8% (eight percent) per year, for operations contracted between July 1, 2010, and March 31, 2011;

3. 10% (ten percent) per year, for operations contracted between April 1, 2011, and April 15, 2012;

4. 7.7% (seven and seven-tenths percent) per year, for operations contracted between April 16, 2012, and May 22, 2012;

5. 5.5% (five and five-tenths percent) per year, for operations contracted between May 23, 2012, and August 31, 2012;

6. 2.5% (two and five-tenths percent) per year, for operations contracted between September 1, 2012, and December 31, 2012;

7. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

8. 4% (four percent) per year, for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 96 (ninety-six) months for operations contracted until April 15, 2012, and up to 120 (one hundred and twenty) months for operations contracted from April 16, 2012, including 3 (three) or 6 (six) months of grace period for the principal;

II - Subprogram "Procaminhoneiro":

a) beneficiaries: individuals residing and domiciled in the country, individual entrepreneurs, limited liability individual companies, companies whose gross annual or annualized operating revenue/income is up to R$2,400,000.00 (two million and four hundred thousand reais), and leasing companies, provided that the lessee is an independent truck driver, individual entrepreneur, limited liability individual company, or company with gross annual or annualized operating revenue/income of up to R$2,400,000.00 (two million and four hundred thousand reais), from the road freight transport segment;

b) financeable items: acquisition, financial leasing, or production of trucks, chassis, tractor units, trailers, semi-trailers (including dolly types), tanks, and similar items, new or used; truck bodies; new tracking systems; property insurance and credit life insurance;

c) resource limit: up to R$9,700,000,000.00 (nine billion and seven hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per year, for operations contracted until March 31, 2011;

2. 7% (seven percent) per year for operations contracted between April 1, 2011, and April 15, 2012;

3. 5.5% (five and five-tenths percent) per year for operations contracted between April 16, 2012, and August 31, 2012;

4. 2.5% (two and five-tenths percent) per year for operations contracted between September 1, 2012, and December 31, 2012;

5. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

6. 4% (four percent) per year, for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 96 (ninety-six) months for operations contracted until May 22, 2012, and up to 120 (one hundred and twenty) months for operations contracted from May 23, 2012, including 3 (three) or 6 (six) months of grace period for the principal;

III - Subprogram "Capital Goods – Other Items":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; public law legal entities, at the state, municipal, and Federal District levels;

b) financeable items: acquisition, financial leasing, or production of other capital goods and associated working capital, with the exception of those cited in items I, II, and VII (the latter from November 1, 2012) of this article, as well as for the acquisition of capital goods under Article 9-J of Resolution No. 2,827 of March 30, 2001, within the scope of the School Road Program;

c) resource limit: up to R$107,600,000,000.00 (one hundred and seven billion and six hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per year, for operations contracted until June 30, 2010;

2. 5.5% (five and five-tenths percent) per year, for operations contracted between July 1, 2010, and March 31, 2011;

3. 8.7% (eight and seven-tenths percent) per year, for operations contracted between April 1, 2011, and April 15, 2012;

4. 7.3% (seven and three-tenths percent) per year, for operations contracted between April 16, 2012, and May 22, 2012;

5. 5.5% (five and five-tenths percent) per year, for operations contracted between May 23, 2012, and August 31, 2012;

6. 2.5% (two and five-tenths percent) per year, for operations contracted between September 1, 2012, and December 31, 2012;

7. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

8. 3.5% (three and five-tenths percent) per year, for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations valued above R$100,000,000.00 (one hundred million reais), destined for the acquisition of capital goods, including support vessels, by the port, oil and gas, electricity, metro transport, and freight rail and maritime transport sectors, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

IV - Subprogram "Capital Goods – Other Items – Micro, Small, and Medium Enterprises":

a) beneficiaries: companies, with headquarters and administration in Brazil, associations, and foundations, individual entrepreneurs, limited liability individual companies, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$90,000,000.00 (ninety million reais);

b) financeable items: acquisition, financial leasing, or production of other capital goods and associated working capital, with the exception of those cited in items I, II, and VII (the latter from November 1, 2012) of this article, as well as acquisition of capital goods under Article 9-J of Resolution No. 2,827 of 2001, within the scope of the School Road Program;

c) resource limit: up to R$31,000,000,000.00 (thirty-one billion reais);

d) interest rate to the final beneficiary:

1. 6.5% (six and five-tenths percent) per year for operations contracted between April 1, 2011, and April 15, 2012;

2. 5.5% (five and five-tenths percent) per year for operations contracted between April 16, 2012, and August 31, 2012;

3. 2.5% (two and five-tenths percent) per year for operations contracted between September 1, 2012, and December 31, 2012;

4. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

5. 3.5% (three and five-tenths percent) per year, for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations valued above R$100,000,000.00 (one hundred million reais), destined for the acquisition of capital goods, including support vessels, by the port, oil and gas, electricity, metro transport, and freight rail and maritime transport sectors, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

V - Subprogram "PER – Emergency Reconstruction Program":

a) beneficiaries: business companies, cooperatives, individual entrepreneurs, and individuals or legal entities characterized as rural producers, located in Municipalities affected by natural disasters that have had the situation of emergency or state of public calamity recognized by the Federal Executive Branch, in accordance with Law No. 12,340 of December 1, 2010, and listed in an act issued in accordance with the regulation;

b) financeable items: working capital and investment projects;

c) resource limit: up to R$2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary: 5.5% (five and five-tenths percent) per year;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal;

VI - Subprogram "Electric Energy":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; public law legal entities, at the state, municipal, and Federal District levels;

b) financeable items: acquisition of capital goods necessary for the development of projects in the electric energy sector whose installed capacity is greater than 10,000 megawatts;

c) resource limit: up to R$3,800,000,000.00 (three billion and eight hundred million reais);

d) interest rate to the final beneficiary: 5.5% (five and five-tenths percent) per year;

e) repayment term: up to 360 (three hundred and sixty) months, including up to 108 (one hundred and eight) months of grace period for the principal;

VII - Subprogram "Rural":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; public law legal entities, at the state, municipal, and Federal District levels; individuals, residing and domiciled in Brazil, provided that they are rural producers and the investment is destined for the agricultural sector;

b) financeable items: acquisition, financial leasing, or production of agricultural capital goods and associated working capital;

c) resource limit: up to R$12,000,000,000.00 (twelve billion reais);

d) interest rate to the final beneficiary:

1. 2.5% (two and five-tenths percent) per year, for operations contracted between November 1, 2012, and December 31, 2012;

2. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

3. 3.5% (three and five-tenths percent) per year for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations valued above R$100,000,000.00 (one hundred million reais), destined for the acquisition of capital goods, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

VIII - Subprogram "Capital Goods – Export":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations from the capital goods sector;

b) financeable items: production of capital goods destined for export (pre-shipment);

c) resource limit: up to R$30,400,000,000.00 (thirty billion and four hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per year, for operations contracted until June 30, 2010;

2. 5.5% (five and five-tenths percent) per year, for operations contracted from July 1, 2010, to March 31, 2011;

3. 9% (nine percent) per year, for operations contracted from April 1, 2011, to May 22, 2012;

4. 8% (eight percent) per year, for operations contracted from May 23, 2012, to December 31, 2012;

5. 5.5% (five and five-tenths percent) per year, for operations contracted from January 1, 2013, to December 31, 2013;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

IX - Subprogram "Consumer Goods – Export":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations from the consumer goods sector;

b) financeable items: production of consumer goods destined for export (pre-shipment);

c) resource limit: up to R$7,000,000,000.00 (seven billion reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per year, for operations contracted until June 30, 2010;

2. 8% (eight percent) per year, for operations contracted from July 1, 2010;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

X - Subprogram "Export – Micro, Small, and Medium Enterprises":

a) beneficiaries: companies, with headquarters and administration in Brazil, associations, and foundations, with annual gross operating revenue of up to R$90,000,000.00 (ninety million reais);

b) financeable items: production of capital goods and consumer goods destined for export (pre-shipment);

c) resource limit: up to R$1,000,000,000.00 (one billion reais);

d) interest rate to the final beneficiary:

1. 5.5% (five and five-tenths percent) per year, for operations contracted between July 1, 2010, and March 31, 2011, in financing for the production of capital goods destined for export;

2. 7% (seven percent) per year, for operations contracted from April 1, 2011, to December 31, 2012, in financing for the production of capital goods destined for export;

3. 5.5% (five and five-tenths percent) per year, for operations contracted from January 1, 2013, to December 31, 2013, in financing for the production of capital goods destined for export;

4. 8% (eight percent) per year, for operations contracted from July 1, 2010, in financing for the production of consumer goods destined for export;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

XI - Subprogram "Technological Innovation":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: technological innovation projects seeking the development of new or significantly improved products or processes (at least for the national market) and involving technological risk and market opportunities;

c) resource limit: up to R$800,000,000.00 (eight hundred million reais);

d) interest rate to the final beneficiary:

1. 3.5% (three and five-tenths percent) per year, for operations contracted until March 31, 2011;

2. 4% (four percent) per year, for operations contracted from April 1, 2011, to April 15, 2012;

e) repayment term: up to 120 (one hundred and twenty) months, including up to 36 (thirty-six) months of grace period for the principal;

XII - Subprogram "Innovative Capital":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: development of capacity to undertake innovative activities systematically, comprising investments in tangible capital, including physical infrastructure, and intangible capital;

c) resource limit: up to R$400,000,000.00 (four hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per year, for operations contracted until March 31, 2011;

2. 5% (five percent) per year for operations contracted between April 1, 2011, and April 15, 2012;

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal;

XIII - Subprogram "Parts, Components, and Parts":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: acquisition of parts, components, and parts of national manufacture, as well as technological services, such as items for incorporation into machinery and equipment in the production or development phase;

c) resource limit: up to R$1,000,000,000.00 (one billion reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per year for operations contracted until December 31, 2012;

2. 3% (three percent) per year, for operations contracted from January 1, 2013, to June 30, 2013;

3. 3.5% (three and five-tenths percent) per year, for operations contracted from July 1, 2013, to December 31, 2013;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

XIV - Subprograms "Proengenharia/Innovation Production":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items:

1. engineering projects in the sectors of capital goods, defense, automotive, aeronautical, aerospace, nuclear, oil and gas, chemical and petrochemical, and in the supply chain of the oil and gas and shipbuilding industries;

2. technological innovation projects that present a proven market opportunity contracted until April 15, 2012; and

3. investment projects necessary to absorb the results of the technological innovation process contracted until April 15, 2012;

c) resource limit: up to R$2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per year, in operations contracted between April 1, 2011, and April 15, 2012;

2. 6.5% (six and five-tenths percent) per year, in operations contracted between April 16, 2012, and May 22, 2012;

3. 5.5% (five and five-tenths percent) per year, in operations contracted between May 23, 2012, and December 31, 2012;

4. 3.5% (three and five-tenths percent) per year, in operations contracted from January 1, 2013, to December 31, 2013;

e) repayment term: up to 96 (ninety-six) months, with grace period for the principal at BNDES's discretion;

XV - Subprogram "National Technology":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, foundations, and public law legal entities, at the state, municipal, and Federal District levels;

b) financeable items: production, financial leasing, or acquisition of information technology and automation goods, and associated working capital, covered by Law No. 8,248 of October 23, 1991, which comply with the Basic Production Process (PPB) and are developed in the country in accordance with Ordinance No. 950 of December 12, 2006, of the Ministry of Science and Technology;

c) resource limit: up to R$1,000,000,000.00 (one billion reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per year for operations contracted between April 1, 2011, and September 30, 2012;

2. 2.5% (two and five-tenths percent) per year, for operations contracted between October 1, 2012, and December 31, 2012;

3. 3.5% (three and five-tenths percent) per year for operations contracted from January 1, 2013, to December 31, 2013;

e) repayment term: up to 96 (ninety-six) months, with grace period for the principal at BNDES's discretion;

XVI - Subprogram "Transformers":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: investment projects destined for the constitution of technological and productive capacity in high knowledge and engineering intensity sectors regarding goods not produced in the country and that induce linkages and gains in productivity and quality, observing the provisions of Paragraph 9 of Article 1 of Law No. 12,096 of November 24, 2009;

c) resource limit: up to R$4,000,000,000.00 (four billion reais);

d) interest rate to the final beneficiary: 5% (five percent) per year, in operations contracted from April 16, 2012, to December 31, 2013;

e) repayment term: up to 144 (one hundred and forty-four) months, with grace period for the principal at BNDES's discretion;

XVII - Subprogram "Innovation and Efficient Machinery and Equipment":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; public law legal entities, at the state, municipal, and Federal District levels;

b) financeable items: Innovation Investment Plan, including company capacity to innovate, research and development infrastructure, and potentially disruptive or incremental product, process, and marketing innovations; and acquisition, financial leasing, or production of machinery and equipment with higher energy efficiency indices or that contribute to the reduction of greenhouse gas emissions, enabled by BNDES for this Subprogram, including electric, hybrid, or other models with electric traction, and associated working capital;

c) resource limit: up to R$4,000,000,000.00 (four billion reais);

d) interest rate to the final beneficiary:

1. 4% (four percent) per year, in innovation support operations contracted between April 16, 2012, and December 31, 2012;

2. 5% (five percent) per year for operations supporting electric, hybrid, or other electric traction buses contracted between April 1, 2011, and September 30, 2012;

3. 2.5% (two and five-tenths percent) per year, for operations supporting electric, hybrid, or other electric traction buses contracted between October 1, 2012, and December 31, 2012;

4. 3.5% (three and five-tenths percent) per year, for operations contracted from January 1, 2013;

e) repayment term: up to 144 (one hundred and forty-four) months, including up to 48 (forty-eight) months of grace period for the principal.

§ 1º The total of the financings to be subsidized by the Union shall be subject to a limit of R$306,000,000,000.00 (three hundred and six billion reais), with resources from BNDES.

§ 2º The limit per beneficiary, or economic group to which they belong, and the periodicity of payments shall be defined at the discretion of BNDES.

§ 3º The operating agents shall be BNDES and the financial institutions accredited by it.

§ 4º The risk of the operations shall be borne by BNDES, in contracts entered into directly by it, and by the financial institutions accredited by it, in other cases.

§ 5º The term for contracting the operations shall be until December 31, 2013, except for the financings referred to in item V of this article, which may be contracted until December 31, 2012.

Art. 2º The conditions necessary for the granting of financings subject to economic subsidy by the Union to the Research and Fine-Tuning Agency (Finep), under the modality of interest rate equalization, are hereby established, observing the following distribution:

I - Subprogram "Technological Innovation":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, individual limited liability companies, associations, and foundations;

b) financeable items: projects of a technological nature seeking the development of new or significantly improved products or processes (at least for the national market) and involving technological risk and market opportunities;

c) resource limit: up to R$2,500,000,000.00 (two billion and five hundred million reais);

d) interest rate to the final beneficiary:

1. 3.5% (three and five-tenths percent) per year, for operations contracted until March 31, 2011;

2. 4% (four percent) per year, for operations contracted from April 1, 2011, until December 31, 2012;

3. 3.5% (three and five-tenths percent) per year for operations contracted from January 1, 2013, until December 31, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including up to 48 (forty-eight) months of grace period for the principal;

II - Subprogram "Innovative Capital":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, individual limited liability companies, associations, and foundations;

b) financeable items: development of capacity to undertake technological innovation projects on a systematic basis, resulting in expanded innovative capacity, comprising investments in tangible capital, including physical infrastructure, and in intangible capital;

c) resource limit: R$3,500,000,000.00 (three billion and five hundred million reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per year for operations contracted until September 30, 2012;

2. 4% (four percent) per year for operations contracted from October 1, 2012, until December 31, 2012;

3. 3.5% (three and five-tenths percent) per year for operations contracted from January 1, 2013, until December 31, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including up to 48 (forty-eight) months of grace period for the principal.

§ 1º The total of the financings to be subsidized by the Union shall be subject to a limit of R$6,000,000,000.00 (six billion reais), with resources from Finep.

§ 2º The limit per company and the periodicity of payments shall be defined at the discretion of Finep.

§ 3º The operating agent shall be Finep itself.

§ 4º The risk of the operations shall be borne by Finep.

§ 5º The term for contracting the operations shall be until December 31, 2013.

Art. 3º This Resolution enters into force on the date of its publication, with retroactive effects from December 7, 2012.

Art. 4º Resolution No. 4,141 of September 27, 2012, is hereby revoked.

Alexandre Antonio Tombini
President of the Central Bank of Brazil