Transnordestina receives new contribution of R$816.6 million from FDNE

Resources made available by Finor will be used to acquire shares in the dealership

Progress on the Transnordestina Railway gained new momentum with the authorization of a R$816.6 million contribution from the Northeast Development Fund (FDNE). The funds, made possible by Law No. 15,158 signed into law by acting President Geraldo Alckmin, will be allocated to the acquisition of shares in the concessionaire responsible for the project. This initiative consolidates an ongoing effort by the Ministry of Integration and Regional Development (MIDR), through the National Secretariat of Funds and Financial Instruments (SNFI), to complete the Transnordestina Railway, integrating logistics and economic growth in the Northeast.

The funds were raised in March by the Ministry of Integration and Regional Development (MIDR) from the second auction of book-entry shares of the Northeast Investment Fund (Finor) and will be used to acquire equity interests. With this measure, the FDNE can acquire the remaining R$816.6 million in preferred shares of the concessionaire TLSA.

The National Secretary of Funds and Financial Instruments, Eduardo Tavares, explained that, in this case, the FDNE investment guarantees the concessionaire the resources necessary to deliver the works, without having a direct impact on the Union's fiscal result, while at the same time ensuring a financial return to the fund.

"When we approved this model for holding an auction to acquire preferred shares, it was the simplest, fastest way we found to make the investment in Transnordestina viable. This way, Companhia Siderúrgica Nacional (CSN) remains the sole controlling shareholder of the TLSA concessionaire, and the FDNE becomes another Federal Government shareholder," Tavares emphasized. The acquisition of preferred shares could strengthen the FDNE's equity in the long term, as the assets tend to appreciate once the railway begins operating.

Historically, the FDNE has invested R$3.8 billion in the Transnordestina railway. Last year, an addendum for R$3.6 billion was signed, of which R$400 million has already been contributed. The contract addendum provides for disbursements of up to R$1 billion per year until 2027. The railway's current budget is R$15 billion, and R$7 billion is estimated for full completion.