11/27/2008 11h05
Revitaliza Program has US$ 1.3 billion for 2009
Valor Econômico 11/27/2008
The program of subsidized financings
Revitaliza will have availability of funds defined in R$ 1 billion (US$444 million) for this year's contracts and R$ 3 billion (US$ 1.3 billion) for next year's. The funds come from the Brazilian Social and Economic Development Bank (BNDES) and, besides that, the equalization of interests by the Treasury will be applied until December 31, 2009, last time for the companies to get financings. The explanations were approved in the meeting of the National Monetary Counsel (CMN) yesterday, to answer the doubts that have arisen from different interpretations of CMN resolutions 3630 and 3596.
Revitaliza benefits the sectors damaged by the valuation of the Brazilian currency in the last years. The list defined by the government is the following: ornamental stones, wood processing, leather processing, shoes/leather goods, textiles, clothing manufacture, furniture/wood, fruits (
raw and processed ones), ceramics, software/information technology service rendering and capital goods. In the segments of capital goods, cargo and passenger vehicles , vessels, aircrafts, rail and subway wagons/locomotives, tractors, combine harvesters and road machines have been excluded from the segment of capital goods. According to the BNDES press services, the 2008 resources have not been released yet because, in the interpretation of the institution, there were no regulations in this regard. The general points of the
Revitaliza had already been defined in the provisional executive order turned into Law No 11529. The interest rate of 9% a year is guaranteed by the equalization of the Treasury since, on the average, the BNDES' lines charge 10.75%. The term of payment is 96 months, including up to 36 months of a grace period for payment of the principal. The operating risk is BNDES' or of its accredited agents, and the limit of disbursement per economic group is R$ 100 million (US$ 44.4 million).
