The Navy's investments will benefit the construction and repair of port and maritime support vessels and the construction of a shipyard.

A pause on the coronavirus: the Merchant Marine Fund (FMM) approved BRL 5,6 billion in investments for the naval sector at a meeting held this month. FPSOs ordered by Petrobras for the Santos Basin pre-salt will have 25 percent local content

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The prioritized projects refer to the construction, conversion, repair and modernization of port support, maritime support and cargo vessels, as well as to support the construction of a shipyard.

Of the total investment approved for the naval sector, 4,9 billion reais were allocated to projects that had already been approved by the Merchant Marine Council and obtained a new deadline for contracting, and 654,3 million reais went to new projects. There was also authorization to change the project, with no impact on the previously prioritized amount.

The meeting was held at a distance to maintain security due to the new Coronavirus pandemic, where the directors had a deadline for manifestation until March 23, when the meeting was concluded.

According to the decision of the Merchant Marine Council, the Resolution of the Board of Directors of the Merchant Marine Fund will be published in the Federal Official Gazette (DOU) with the projects that obtained priority.

Once the Resolution is published, companies will be able to contract financing through accredited financial agents (BNDES, BB, CEF, BNB and BASA).

It was established by the Ordinance MINFRA 253/2009, the period of 450 days for contracting the financing, in the case of new projects, and 180 days, in the case of projects resubmitted for not contracting the original priority.

According to National Monetary Council Resolution No. 3.828/2009, the Merchant Marine Fund can finance up to 90 percent of the value of requested projects, and this percentage will vary according to the national content and type of vessel.

The Fund, which is administered by the Ministry of Infrastructure, through the Board of Directors of the Merchant Marine Fund - CDFMM, is currently a key instrument for investment in the naval sector, guaranteeing resources for the installation and modernization of shipyards, ensuring that Brazilian companies can establish, renew or expand its fleet of vessels.

The next Ordinary Meeting of the CDFMM is scheduled for the 2nd of July this year. As established by Ordinance No. 253/2009, of the Ministry of Infrastructure, those interested in investments will have until May 4th to present projects to obtain priority for financing with resources from the Merchant Marine Fund.

The Ministry of Infrastructure informs that in the event of a change to the calendar due to the impacts of the new Coronavirus, the new dates will be announced on the Merchant Marine Fund website, at: https://infraestrutura.gov.br/fundomarinhamercante.html