Brazil's Naval Industry Records Highest Investment in 12 Years

higher than those registered between 2019 and 2022, increasing from 768 in four years to 1,300 in the recent two years. "We are undoubtedly on the right path to reclaiming the leading role of the naval and port industries. This assertion is based on the achievements we have realized during President Lula's government. In the past two years, we have approved nearly R$ 45 billion in naval modernization and construction projects through the Merchant Marine Fund. This figure is double the investment made during the previous government's four years. This translates into more credit, more investment, strengthening of the port and navigation sectors, which signifies economic development, job creation, and increased income for Brazilians," stated the minister. Expansion An impressive figure was the amount allocated for the expansion of the naval industry. From January to December 2024, contracts worth R$ 5.33 billion were finalized, recording the highest volume since 2012. These funds supported 548 new projects, with the majority focusing on inland navigation (415), followed by maritime support (94), port support (37), and cabotage (2). Combined with the 2023 investments, the government directed R$ 6.36 billion towards new ventures, marking a 326% increase compared to the preceding administration's period (2019 to 2022). According to a resolution by the Merchant Marine Fund's Director Council (CDFMM), companies that have their projects prioritized can secure financing through partnered financial agents — the National Bank for Economic and Social Development (BNDES), Banco do Brasil, Caixa Econômica Federal (CEF), and Banco da Amazônia (Basa). Funds are released in accordance with the progress of the projects and their implementation phases. The first CDFMM meeting is scheduled for March 27. Source: Agência Brasil