Resolution CMN No. 5256 — Regulations on Financing Supported by Resources of the National Social Infrastructure Investment Fund (FIIS)

Resolution No. 5,256

RESOLUTION
CMN No. 5,256, OF OCTOBER 10, 2025

Regulates financing supported by resources of the National Social Infrastructure Investment Fund – FIIS.

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 an extraordinary session held on October 9 of 2025, considering the provisions of art. 4, caput, item VI, of Law No. 4,595, of December 31, 1964, and based on art. 7 of Decree No. 12,157, of August 29, 2024, which regulates Law No. 14,947, of August 2, 2024,

R E S O L V E D:

Art. 1. Article 7 of Decree No. 12,157, of August 29, 2024, is regulated, under the terms of this Resolution, with respect to the conditions applicable to financing with reimbursable resources from the National Social Infrastructure Investment Fund – FIIS, which must observe the application purposes provided for in Law No. 14,947, of August 2, 2024, as well as the guidelines and priorities defined by the FIIS Management Committee, as provided in art. 2 of Decree No. 12,157, of August 29, 2024.

Art. 2. The contracting of financing operations with reimbursable resources from the FIIS must comply with the following provisions:

I - beneficiaries: shall be defined by the
FIIS Management Committee, according to competencies attributed to said committee in Decree No. 12,157, of August 29, 2024;

II - application purpose of resources:
those defined in art. 4, § 4, items I and II, of Law No. 14,947, of August 2, 2024;

III - financial charges to borrowers:
interest rate calculated by multiplying the remunerations provided for in items IV, sub-items “a” and “b”, and V of this article, as applicable, after their conversion into factors;

IV - remuneration of financial agents:

a) from the National Bank for Economic and Social Development – BNDES:

1. in direct operations with the public sector:
   up to 3.38% p.a. (three and thirty-eight hundredths percent per year);

2. in direct operations with the private sector:
   up to 4.35% p.a. (four and thirty-five hundredths percent per year); and

3. in indirect operations through an accredited agent: up to 1.25% p.a. (one and twenty-five hundredths percent per
   year); and

b) from the financial agent accredited by
BNDES: up to 6% p.a. (six percent per year);

V - FIIS remuneration:

a) 5% p.a. (five percent per year), for operations whose repayment term, observing the provisions of item VI of this
article, is up to ten years; and

b) 7% p.a. (seven percent per year), for operations whose repayment term, observing the provisions of item VI of this
article, is greater than ten years;

VI - repayment term: up to twenty years, included up to twenty-four months of principal grace period; and

VII - operation risk: from BNDES, when operating directly, or from the accredited financial agent in indirect operations, with BNDES continuing, in both cases, to bear the risks towards the FIIS.

Sole Paragraph. Capitalization of interest during the grace period is not permitted.

Art. 3. BNDES and financial agents accredited by it may charge borrowers, in addition to the financial charges provided for in art. 2, caput, item IV, other charges or commissions, usually practiced in their operations, especially due to the request for consent within the scope of contracted operations, as established in their respective operational policies, and charge for credit reservation, as per contractual provision, observing the incidence hypotheses and values disclosed on their respective official internet pages.

Art. 4. This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil