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

Resolution No. 5,130

RESOLUTION
CMN No. 5,130, OF APRIL 25, 2024

Provides for financing under the External Private Capital Mobilization and Exchange 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 it known that the National Monetary Council, in a session held on April 25, 2024, based on the provisions of § 1 of Article 31 and Articles 32, 38, and 39 of Provisional Measure No. 1,213, of April 22, 2024,

R E S O
L V E U:

Art. 1º Financing backed by resources from the External Private Capital Mobilization and Exchange Protection Line – Eco Invest Brasil Line, within the National Climate Change Fund – FNMC, offered by the Eco Invest Brasil Program, instituted by Law No. 14,995, of October 10, 2024, has the following objectives: (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

I - foster and encourage investments in projects that promote ecological transformation, especially along the axes of transition to sustainable practices and technologies, technological densification, bioeconomy, circular economy, energy transition, and infrastructure and adaptation to climate change, among others;

II - attract external investments to the country;

III - enable operations in the capital market aimed at raising resources abroad by companies, investors, and financial institutions headquartered in the country, for the purpose of financing projects that meet the provisions of item I of the caput; and

IV - support the development, liquidity, and efficiency of the long-term foreign currency protection (hedge) market in the country.

Sole paragraph. The financing referred to in the caput, observing the eligibility criteria, priorities, and other conditions defined by the Ministry of Finance, shall be granted within the following sub-lines and purposes:

I - partial financing sub-line, for the offering or enabling of credit operations in a partial amount of the resources demanded by the eligible investment project to be supported (blended finance);

II - liquidity sub-line, for credit operations intended for cases related to exchange rate volatility events that may compromise the liquidity of the company or investor;

III - sub-line supporting the offering of foreign exchange derivatives or other financial assets, intended for the offering or enabling of foreign exchange derivative instruments, including options, forwards, futures, and swaps, with the purpose of mitigating, partially or fully, the investor's exchange rate risk (foreign exchange hedge); and

IV - sub-line intended for project structuring, for credit operations intended for financing studies and projects aimed at:

a) export of products and services;

b) provision of infrastructure to support the export of products and services; and

c) offering of infrastructure and services to attract international sustainable tourism to the country.

Art. 2º Financial institutions qualified as financial agents of the Eco Invest Brasil Line, in accordance with the regulation of the Ministry of Finance:

I - may access, through borrowing, the resources of the said line for the purpose of granting the financing referred to in Art. 1º; and

II - shall assume all risks of the operations, including credit risk, in accordance with the provisions of Art. 33, § 3, and Art. 36, § 3, of Law No. 14,995, of October 10, 2024. (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

§ 1º The allocation of the line's resources shall occur through auctions to be held by the National Treasury Secretariat, observing the criteria of financial leverage and prioritization, in accordance with the regulation of the Ministry of Finance. (Transformed into § 1 by Resolution CMN No. 5,286, of 3/26/2026.)

§ 2º As a condition for access to the financing operations governed by this Resolution, financial institutions may be required to provide mechanisms to support actions of promotion, training, research, technological development, or project structuring related to the eligible activities of the Eco Invest Brasil Program. (Included by Resolution CMN No. 5,286, of 3/26/2026.)

§ 3º The mechanisms provided for in § 2 must be implemented with the financial institutions' own resources as a counterparty for access to the Eco Invest Brasil Line, in accordance with the regulation referred to in § 1. (Included by Resolution CMN No. 5,286, of 3/26/2026.)

§ 4º Non-compliance with the provisions of §§ 2 and 3 shall constitute an offense within the scope of the Eco Invest Brasil Program. (Included by Resolution CMN No. 5,286, of 3/26/2026.)

Art. 3º The following conditions apply to operations of the partial financing sub-line (blended finance), the liquidity sub-line, the sub-line supporting the offering of foreign exchange derivatives or other financial assets, and the sub-line intended for project structuring, referred to in Art. 1, sole paragraph, items I to IV, observing the norms of the Eco Invest Brasil Program and the criteria and conditions established by the Ministry of Finance: (Amended by Resolution CMN No. 5,250, of 9/25/2025.)

I - at the time of the auction referred to in Art. 2, § 1, financial institutions must present a schedule for the effective mobilization of external capital for the project, observing a maximum period of twenty-four months from the date of receipt of the first disbursement; (Amended by Resolution CMN No. 5,338, of 8/27/2026.)

II - after the homologation of the sub-line auction, 25% (twenty-five percent) of the loan value shall be disbursed to the selected financial institutions; (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

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, financial institutions may request the disbursement of a new installment equivalent to 50% (fifty percent) of the loan value; (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

IV - upon proof, in the eighteenth month or at a later moment, of the mobilization of at least 75% (seventy-five percent) of the external capital forecast for raising, counted from the date of receipt of the first disbursement, financial institutions may request the disbursement of the installment equivalent to 25% (twenty-five percent), referring to the remaining value of the loan; (Amended by Resolution CMN No. 5,332, of 7/30/2026.)

V - the following financial charges shall be applied to the values transferred to financial institutions, as remuneration to the Eco Invest Brasil Line:

a) the effective interest rate shall be 1% p.a. (one percent per annum), to be paid by the financial institution borrowing the resources;

b) within twelve (12) months of the transfer of resources, the financial institution that fails to prove the mobilization of at least 25% (twenty-five percent) of the private external capital must return the line resource, proportionally to the value of the external capital not mobilized, remunerated at the Special System for Settlement and Custody (Selic) rate, from the date of receipt of the disbursement until the date of return;

c) within eighteen (18) months of the transfer of resources, the installment of the loan disbursed, proportionally to the value of the external capital not mobilized, may be retained or returned by the financial institution, remunerated, in both cases, at the Selic rate, from the date of receipt of the disbursement until the date of mobilization or return, as the case may be, observing a maximum period of twenty-four (24) months;

d) after eighteen months, upon proof of mobilization of at least 75% (seventy-five percent) of the external capital forecast in the auction act, the effective interest rate shall be 1% p.a. (one percent per annum), to be paid by the financial institution borrowing the resources; and (Amended by Resolution CMN No. 5,332, of 7/30/2026.)

e) within twenty-four (24) months, the financial institution must return the installment of the loan disbursed, proportionally to the value of the external capital not mobilized, remunerated at the Selic rate, from the date of receipt of the disbursement until the date of return;

VI - repayment period: up to 10 (ten) years; and

VII - risk of the operation: shall be borne by the qualified financial institution. (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

§ 1º For the purposes of this Article, mobilization of external capital for the project is understood as the operations of raising or attracting external resources by financial institutions, with the corresponding disbursement to the project, observing the criteria established by the Ministry of Finance. (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

§ 2º Accountability by financial institutions shall be carried out in accordance with the norms of the Eco Invest Brasil Program and the other conditions established by the Ministry of Finance.

§ 3º Financial institutions must prove the application of resources from the sub-lines referred to in Art. 1, sole paragraph, items I to IV, in eligible projects within a maximum period of twenty-four months. (Amended by Resolution CMN No. 5,250, of 9/25/2025.)

§ 3-A For the purposes of proving the provisions of § 3, if the financing for eligible projects has a maturity shorter than that of the partial financing sub-line (blended finance) or the sub-line intended for project structuring, the resources of the Eco Invest Brasil Program, including those related to the private mobilization of capital, must be reinvested in eligible projects until the full return of the sub-lines to the National Treasury. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 4º Financial institutions that prove to have irregularly applied, or applied for different purposes, the resources from the Eco Invest Brasil Line must return the resources to the line plus interest equivalent to the Selic rate, plus 1.5% p.a. (one and five tenths percent per annum), calculated from the date of disbursement until the date of return. (Amended by Resolution CMN No. 5,250, of 9/25/2025.)

§ 5º For the purposes of Art. 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 the case may be, in accordance with Art. 38, sole paragraph, of Law No. 14,995, of October 10, 2024, to apply the financial conditions provided for in this Article. (Amended by Resolution CMN No. 5,205, of 4/17/2025.)

§ 6º For the purposes of the proof referred to in § 3, financial disbursements to projects must observe the same deadlines provided for in this Resolution for the proof of mobilization of private external capital, limited to twenty-four months from the receipt of the first disbursement, except in 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. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 7º 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 sub-line proportional to the amount of capital not mobilized for the project at the Selic rate until the effective mobilization of the total external capital for the project. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 8º Upon expiration of the period defined by the Ministry of Finance for assuming commitments established within the scope of 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 (Included by Resolution CMN No. 5,205, of 4/17/2025.)

II - at the rate of 1% p.a. (one percent per annum), with the difference between the remuneration of the Eco Invest Brasil Line and the Selic rate being reinvested, in the manner defined in an act of the Ministry of Finance, calculated from the date of receipt of the resources until the date of reinvestment. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 9º Starting from Eco Invest Brasil Auction No. 2/2025, a grace period of up to three years shall be permitted, according to the characteristics of each auction defined in an act of the Ministry of Finance. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 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. (Included by Resolution CMN No. 5,205, of 4/17/2025.)

§ 11. Exceptionally to the provisions of item I of the caput and §§ 3, 6, 7, and 8, in the case of auctions intended for the mobilization of investments through equity participations (equity), the following rules and conditions apply: (Included by Resolution CMN No. 5,250, of 9/25/2025.)

I - mobilization of external capital is understood as the firm commitment presented by the financial institution regarding investment through equity participations (equity), proportional to the leverage offered in the auction, observing the criteria established by the Ministry of Finance; (Included by Resolution CMN No. 5,250, of 9/25/2025.)

II - financial institutions must prove the mobilization of investments through equity participations (equity) in eligible companies according to the following deadlines and percentages: (Included by Resolution CMN No. 5,250, of 9/25/2025.)

a) within twenty-four (24) months from the date of the first disbursement to the financial institution, at least 25% (twenty-five percent) of the forecasted investment must be contributed to eligible companies; (Included by Resolution CMN No. 5,250, of 9/25/2025.)

b) within thirty-six (36) months from the date of the first disbursement to the financial institution, at least 50% (fifty percent) of the forecasted investment must be contributed to eligible companies; and (Amended by Resolution CMN No. 5,332, of 7/30/2026.)

c) within sixty (60) months from the date of the first disbursement to the financial institution, 100% (one hundred percent) of the forecasted investment must be contributed to eligible companies; (Included by Resolution CMN No. 5,250, of 9/25/2025.)

III - the financial institution may submit to the Executive Committee of the Eco Invest Brasil Program a request for extension of the deadlines provided for in item II, letters “a”, “b”, and “c”, in the case of projects whose scale and complexity require a longer period of contribution to eligible companies; (Included by Resolution CMN No. 5,250, of 9/25/2025.)

IV - the schedule referred to in item I of the caput shall observe the maximum deadline established in item II, letter “c”, of this paragraph; (Added by CMN Resolution No. 5,250, of 9/25/2025.)

V - in the event provided for in items II and III of this paragraph, upon expiration of the deadline for contributions to eligible companies, the financial institution shall remunerate, at the Selic rate, the portion of the respective Eco Invest Brasil Line proportional to the amount of uninvested capital, until the effective contribution of the total investments provided for; (Added by CMN Resolution No. 5,250, of 9/25/2025.)

VI - upon expiration of the deadlines for assuming commitments established within the auctions, defined in this paragraph and in an act of the Ministry of Finance, the resources of the Eco Invest Brasil Line proportional to the non-compliance with said commitments shall be returned: (Added by CMN Resolution No. 5,250, of 9/25/2025.)

a) at the Selic rate, plus 1% p.a. (one percent per annum), from the date of receipt of the resources until the date of return; or (Added by CMN Resolution No. 5,250, of 9/25/2025.)

b) at a rate of 1% p.a. (one percent per annum), with the difference between the remuneration of the Eco Invest Brasil Line and the Selic rate, calculated from the date of receipt of the resources, being reinvested in the manner defined in an act of the Ministry of Finance; (Added by CMN Resolution No. 5,250, of 9/25/2025.)

VII - for the purpose of proving the provisions of item II, if the maturity of the operations or the divestment in equity interests occurs within a period shorter than that of the Eco Invest Brasil Line, the financial institution shall reinvest the resources in eligible companies until the full return of the Eco Invest Brasil Line resources or anticipate the maturity proportionally to the amount not reinvested;~~ (Added by CMN Resolution No. 5,250, of 9/25/2025.)~~

VII - for the purpose of proving the provisions of item II, if the maturity of the operations or the divestment in equity interests occurs within a period shorter than that of the Eco Invest Brasil Line, the financial institution shall reinvest the resources in mechanisms for incentivizing new eligible projects until the full return of the Eco Invest Brasil Line resources or anticipate the maturity proportionally to the amount not reinvested, except for the portion of resources destined for exchange rate protection mechanisms contracted with a term equal to or greater than the standard term within the auction; (Redaction given by CMN Resolution No. 5,332, of 7/30/2026.)

VIII - the financial charges to borrowers, as remuneration for financial institutions, shall be up to 4% p.a. (four percent per annum); (Added by CMN Resolution No. 5,250, of 9/25/2025.)

IX - the financial charges to borrowers, as remuneration for the Eco Invest Brasil Line, shall be 1% p.a. (one percent per annum); (Added by CMN Resolution No. 5,250, of 9/25/2025.)

X - the interest rates of the financing contracts shall be calculated by converting the charges provided for in items VIII and IX into factors, as applicable, and their subsequent multiplication; (Added by CMN Resolution No. 5,250, of 9/25/2025.)

XI - the profitability of the catalytic capital share acquired by the financial institution, referred to in art. 3º-A, caput, item III, shall have maximum yield as calculated in item X; and (Added by CMN Resolution No. 5,250, of 9/25/2025.)

XII - innovative companies, in the initial or expansion stage, as well as corporate spin-offs constituted as independent legal entities with their own governance, shall be eligible to receive equity investments, in the terms defined in an act of the Ministry of Finance. (Added by CMN Resolution No. 5,250, of 9/25/2025.)

§ 12. Exceptionally to the provisions of item I of the caput and §§ 3º, 6º, 7º and 8º, in the case of auctions intended for mobilizing investments to support innovation, the following rules and conditions apply: (Added by CMN Resolution No. 5,332, of 7/30/2026.)

I - external capital mobilization is understood as the firm commitment presented by the financial institution regarding the realization of investments through participation instruments, instruments convertible into equity participation, or other financial instruments with remuneration linked to the performance or economic appreciation of eligible companies, proportional to the leverage offered in the auction, observing the criteria established by the Ministry of Finance; (Added by CMN Resolution No. 5,332, of 7/30/2026.)

II - the provisions of § 11, items II, III, IV, V, VI and VII apply to the auctions referred to in this paragraph, observing the necessary adaptations to the financial instruments provided for in item I; (Added by CMN Resolution No. 5,332, of 7/30/2026.)

III - the remuneration of the financial institution for making the Eco Invest Brasil Line resources available to the Eco Invest Brasil Innovation Funds shall be limited to 2% p.a. (two percent per annum);(Added by CMN Resolution No. 5,332, of 7/30/2026.)~~

III - the remuneration of the financial institution for making the Eco Invest Brasil Line resources available to the Eco Invest Brasil Innovation Funds shall be limited to 3% p.a. (three percent per annum); (Redaction given by CMN Resolution No. 5,338, of 8/27/2026.)

IV - the remuneration due to the Eco Invest Brasil Line on the resources made available shall be 1% p.a. (one percent per annum); (Added by CMN Resolution No. 5,332, of 7/30/2026.)

V - the maximum remuneration earned by the financial institution in operations carried out with Eco Invest Brasil Line resources destined for the Eco Invest Brasil Innovation Funds shall correspond to the conversion into factors of the charges provided for in items III and IV, limited to 3% p.a. (three percent per annum); (Added by CMN Resolution No. 5,332, of 7/30/2026.)

V - the maximum remuneration earned by the financial institution in operations carried out with Eco Invest Brasil Line resources destined for the Eco Invest Brasil Innovation Funds shall correspond to the conversion into factors of the charges provided for in items III and IV, limited to 4% p.a. (four percent per annum); (Redaction given by CMN Resolution No. 5,338, of 8/27/2026.)

VI - the profitability of the catalytic capital share acquired by the financial institution, referred to in art. 3º-A, caput, item III, shall have maximum yield as calculated in item V; (Added by CMN Resolution No. 5,332, of 7/30/2026.)

VII - in instruments convertible into equity participation and other financial instruments with remuneration linked to the performance or economic appreciation of eligible companies, granted by investment funds constituted to promote innovation within the scope of the auctions referred to in this paragraph, the contractual rate shall correspond to the variation of the National Consumer Price Index Broad – IPCA, plus interest of 1% p.a. (one percent per annum), without prejudice to the provision for additional variable remuneration linked to the performance of the invested company or the supported project; (Added by CMN Resolution No. 5,332, of 7/30/2026.)

VIII - the remuneration limits for financial institutions provided for in items III, IV, V and VI do not prevent the contractual provision of additional mechanisms for the participation of the financial institution in gains resulting from the performance, economic appreciation or divestment of the investment funds constituted to promote innovation; and (Added by CMN Resolution No. 5,332, of 7/30/2026.)

IX - in the event of item VIII, 20% (twenty percent) of the gains referred to in said item shall be allocated to the Eco Invest Brasil Program, and this transfer shall not be considered remuneration of the Eco Invest Brasil Line referred to in art. 3º, caput, item V, letter “a”, of this Resolution. (Added by CMN Resolution No. 5,332, of 7/30/2026.)

Art. 3º-A The financing referred to in art. 1º, sole paragraph, items I and IV, may be facilitated through: (Added by CMN Resolution No. 5,205, of 4/17/2025.)

Art. 3º-A The financing referred to in art. 1º, sole paragraph, items I to IV, may be facilitated through: (Redaction given by CMN Resolution No. 5,250, of 9/25/2025.)

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; (Added by CMN Resolution No. 5,205, of 4/17/2025.)

II - securitization instruments whose collateral is composed of financial assets, securities, credit titles, loans or financing; and (Added by CMN Resolution No. 5,205, of 4/17/2025.)

III - shares of investment funds whose investment policy is composed directly and predominantly of financial assets, securities, credit titles, loans or financing. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

§ 1º An act of the Ministry of Finance shall fix, in each auction of the credit lines to facilitate the financing referred to in art. 1º, 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. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

§ 1º An act of the Ministry of Finance shall fix, in each auction of the credit lines to facilitate the financing referred to in art. 1º, sole paragraph, items I to IV, the general characteristics of the instruments referred to in this article, for investment by selected financial institutions. (Redaction given by CMN Resolution No. 5,250, of 9/25/2025.)

§ 2º The act referred to in § 1º may require that the instruments referred to in items I to III of the caput contain specific characteristics or clauses. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

§ 3º The instruments referred to in this article shall: (Added by CMN Resolution No. 5,205, of 4/17/2025.)

I - be directly backed by projects compatible with the Eco Invest Brasil Program and eligible in accordance with the respective tender notice and criteria established by the Ministry of Finance; (Added by CMN Resolution No. 5,205, of 4/17/2025.)

II - comply with all asset monitoring requirements established by the Eco Invest Brasil Program; and (Added by CMN Resolution No. 5,205, of 4/17/2025.)

III - be constituted in accordance with regulation of the Securities and Exchange Commission (Comissão de Valores Mobiliários) and fall into one or more categories provided for therein. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

§ 4º The Securities and Exchange Commission (Comissão de Valores Mobiliários) may provide for investment funds aimed at blended finance structures and sustainable projects, observing the terms of this Resolution. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

§ 5º The instruments referred to in items I to III of the caput shall maintain their own accounting, with segregation between the financial institution’s liability with the Eco Invest Brasil Line and the own resource contributed to the investment fund or securitization instruments, and between these and the other assets of the fund or securitization instruments. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

Art. 3º-B The status of borrower or beneficiary of the operations referred to in this Resolution does not imply the loss of benefits to which the beneficiary of the National Program for Strengthening Family Agriculture – Pronaf is entitled. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

Sole paragraph. The operations referred to in this Resolution that are classified as rural credit shall observe, insofar as applicable, the provisions contained in the Rural Credit Manual – MCR, except those relating to renegotiations. (Added by CMN Resolution No. 5,205, of 4/17/2025.)

Art. 4º In accordance with art. 39 of Provisional Measure No. 1,213, of 2024, and art. 10, 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 shall monitor and supervise the acts of financial institutions in accessing and operating the Eco Invest Brasil Line, and may issue norms and adopt the measures necessary for the execution of the provisions of this Resolution.

Art. 4º In accordance with art. 41 of Law No. 14,995, of October 10, 2024, and art. 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 shall monitor and supervise the acts of financial institutions in accessing and operating the Eco Invest Brasil Line, and may issue norms and adopt the measures necessary for the execution of the provisions of this Resolution. (Redaction given by CMN Resolution No. 5,205, of 4/17/2025.)

Art. 5º This Resolution enters into force on June 3, 2024.

ROBERTO DE OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil