Finep to have US$ 264.7 million for subsidies in 2008
Valor Econômico - 05/13/2008
The Studies and Projects Financing Agency (Finep), a government company aimed at the financing of research and development, publishes its third public notice to select companies applying to receive subventions (non-refundable resources) today. The public notice repeats the R$ 450 million (US$ 264.7 million) contemplated in the 2007 selection. The public notice was announced yesterday, during the launching of the new industrial policy. The selection of companies will benefit the development of projects in the areas of information and communication technologies, biotechnology, health, strategic programs, energy, and social development. The resources, according to the explanation of Luiz Antonio Coelho, superintendent of Corporate Competitiveness of Finep, may only be used for cost expenses. In case the company wants money to make investments in the same projects, it must take one of the lines of refundable credit of Finep. Coelho explained that, even though Finep's budget for subventions for 2008 is R$ 324 million (US$ 190.6 million), the public notice foresees R$ 450 million (US$ 264.7 million) because the resources will be allocated in two years until 2010. The minimum value for each project will be R$ 1 million (US$ 588 thousand) and the term for the implementation of the undertaking is 36 months. Matching funds of 5% to 20% are required in the case of the small-sized companies and from 100% to 200% for mid- and large-sized companies.