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Brazil's port infrastructure gets boost with $181.4m funding approval

Brazil’s Board of Directors of the Maritime Mercantile Fund (CDFMM) has approved two projects that will provide approximately $ 181.4million to expand and modernize leased port terminals.

The CDFMM’s resolution indicating the prioritised projects will be published in the Official Gazette of the Union (DOU), and the companies will be eligible to secure financing through affiliated financial institutions (BNDES, BB, CEF, BNB, and BASA).

The Ministry of Infrastructure Resolution No. 1,460/2022, which approves the procedures and rules for granting priority by the CDFMM, establishes a 450-day deadline for financing contract completion in the case of new projects.

The approved amounts for the two projects were around $87.23 million and $94.18 million.The Fund can finance up to 90% of the requested project’s value. The cost of financing with FMM resources will depend on the percentage of domestic content and the type of vessel, with these conditions defined in Central Bank Resolution No. 5,031/2022.

The Ministry of Ports and Airports manages the Maritime Mercantile Fund through the CDFMM, and it aims to provide resources for the development of both the maritime mercantile sector and the shipbuilding and repair industries in the country.