Airlines will have easier access to financing with resources from the National Civil Aviation Fund (FNAC). The National Monetary Council (CMN) approved this Thursday (26) the flexibility of access to the fund’s special credit lines.
Among the main changes is the increase from 10% to up to 30% of the limit to finance engines, parts, components and crew qualification and training actions linked to the purchase of new domestically manufactured aircraft. According to the government, the measure seeks to ensure that the aircraft acquired effectively enter into operation.
Guarantees
The CMN also authorized the use of FNAC resources to contract contractual guarantees directly related to the credit operation, such as guarantee insurance. The lack of guarantee options had been highlighted by companies as one of the main obstacles to accessing financing lines.
According to the Ministry of Finance, which is part of the CMN, the change does not transfer credit risk to the fund and aligns regulations with market practices.
“The changes approved by the CMN aim to make credit lines more in line with the operational reality of airlines, without expanding subsidies or changing the financial conditions of financing,” the ministry said in a note.
Regional targets and dividends
The resolution also makes the compensation required from companies more flexible. The deadline for meeting the targets for expanding flights in the Legal Amazon and the Northeast was extended to 24 months. The CMN also reduced the minimum increment percentage and adjusted the maintenance rules.
Furthermore, restrictions on the distribution of dividends and the payment of bonuses to the companies’ senior management are now only valid for specific lines of credit, such as those intended for Sustainable Aviation Fuel (SAF) and logistics infrastructure. Other types of financing no longer have this limitation.
The new rules come into force on the date of publication of the resolution.
