Bill 4135/23 proposes the establishment of a new interest rate for financing granted by the National Bank for Economic and Social Development (BNDES), replacing the current Long Term Rate (TLP). The proposal, currently being processed in the Chamber of Deputies, establishes the Long-Term Financing Rate (TFLP), the formation of which will be defined by the Executive Branch.
According to the proposal, the TFLP will be calculated based on the future inflation target for the next 12 months and will include a risk premium, representing the BNDES’ “profit”. This methodology is similar to the old Long-Term Interest Rate (TJLP), replaced by the TLP in 2018.
Representative Heitor Schuch (PSB-RS), author of the project, argues that the TLP removed the BNDES’ ability to protect productive investments against economic instability. The TFLP, according to Schuch, will allow BNDES to act in a way that is more appropriate to the conditions of the Brazilian economy and its industrialization.
The project also foresees the reduction of the TFLP in financing for the manufacturing industry, high-level technological services and productive or social infrastructure. Furthermore, it proposes that the fee remunerates government funds that provide resources to BNDES, such as the Workers’ Support Fund (FAT). FAT resources allocated to investment programs will be remunerated by the TFLP when invested in special deposits.
PL 4135/23 will be analyzed by the Finance and Taxation, and Constitution, Justice and Citizenship (CCJ) committees, on a conclusive basis.
The National Bank for Economic and Social Development is a Brazilian public financial institution, linked to the Ministry of Economy. Its main mission is to finance projects that contribute to the country’s development, prioritizing strategic sectors, such as infrastructure, industry, commerce and services.
BNDES plays a crucial role in promoting long-term investments and supporting projects that stimulate economic growth. Its activities include providing credit, granting financing and participating in large-scale projects that require substantial resources.
(With Agência Câmara).