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FMM Resources Approved for Financing Nine Naval Construction Projects
Last Tuesday (03/26), during the 40th Ordinary Meeting of the Board of Directors of the Merchant Marine Fund (CDFMM), R$ 116.5 million was approved for financing nine new naval construction projects using resources from the Merchant Marine Fund (FMM).
The Fund is the main source of long-term financing for the naval sector and is administered by the Ministry of Infrastructure through the CDFMM.
It is through this Fund that resources are made available for the installation and modernization of shipyards and also for Brazilian companies to establish, renew, or expand their fleet of vessels.
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In the opinion of the CDFMM president, Natália Marcassa, the Fund’s resources are essential for the development of the Brazilian naval sector, and the intention in the upcoming meetings is to present measures that increase investments using FMM resources, aiming at the revitalization of national Naval Construction.
She further explained that the R$ 116.5 million will be used in nine new projects, which involve various types of projects in naval construction, such as vessels intended for export, conversion and repair of vessels, in addition to projects focused on the installation of shipyards.
An important fact regarding the FMM is that depending on the national content and the type of vessel, the percentage it can finance can reach 90% of the project values.
Priority Projects
The list of projects that are a priority for this financing will be published in the Official Gazette in the coming days, and companies can contract financing through the affiliated financial agents, such as BNDES, BB, CEF, BNB, BASA).
The deadline for contracting financings is 450 days.
Interested parties have until May 6, 2019, to submit their projects to confirm financing priority, and the next Ordinary Meeting of the CDFMM is scheduled for July 4, 2019.
To give an idea of the importance of the FMM for national Naval Construction, we are about to close only the first quarter of 2019, and R$ 703 million has already been transferred to financial agents for financing prioritized projects, and 12 vessels have been delivered to the market.
Here’s How the R$ 116.5 Million is Divided Among the 9 Priority Projects:
- Conversion: Conversion of Vessel (PSV to SDSV); Quantity: 02; Approved Amount: 23.3 Million
- Repair: Repair of vessels for class certification; Quantity: 04; Approved Amount: 14.2 Million
- Shipyards: Supplementation for the construction of 1 floating dock; Quantity: 01; Approved Amount: 5.8 Million
- Shipyards: Construction of Shipyard; Quantity: 01; Approved Amount: 56.8 Million
- Export: Production of floating platform for transshipment of people and cargo between vessels; Quantity: 01; Approved Amount: 16.4 Million
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