Lula signs law that frees R$ 30 billion for financing new cars

President Luiz Inácio Lula da Silva (PT) on Monday sanctioned the law that reserves R$ 30 billion for the financing of new cars through the Move Brazil program. The initiative is mainly aimed at taxi drivers and app drivers who intend to replace vehicles used at work.

The proposal, submitted by the federal government, passed through the Chamber of Deputies and the Senate before proceeding to presidential sanction. The objective is to offer more affordable credit conditions than those normally found on the market, facilitating the acquisition of new vehicles by professionals.

Where the $30 billion will come from

The resources allocated to Move Brazil will be contributed by the National Treasury and the National Bank for Economic and Social Development (BNDES).

The administration of the values will be under the responsibility of the Ministry of Finance. The rules for granting the loans, including financial conditions and criteria for access to credit, will be established by the Conselho Monetário Nacional (CMN).

With the new line, the government intends to stimulate the renewal of the fleet used in individual passenger transport and expand access to models considered more sustainable.

The government wants to encourage the exchange of vehicles

Move Brazil was initially established by medida provisória. Since the launch of the proposal, Lula has advocated that drivers who work daily with their vehicles can be able to acquire their own car and reduce constant expenses with maintenance or rental.

The evaluation presented by the government is that a new vehicle can reduce recurring expenses of professionals, in addition to representing a patrimony for the worker.

The initiative also seeks to encourage the replacement of older cars by models with higher energy efficiency and lower environmental impact.

Lula criticizes bureaucracy to free up credit

Despite the creation of funding programs, Lula has already shown concern about the demands made by financial institutions for the release of resources.

According to the president, programs aimed at workers can lose effectiveness when interested parties find it difficult to prove income or meet the rules required by the banks.

The government hopes that Move Brasil’s regulation will make the hiring process more accessible. The details on interest, deadlines, participating institutions and other conditions should be defined from the standards established by the CMN.

 

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