The Student Financing Fund Guarantee Fund (FG-Fies) is a private fund, constituted in accordance with Law No. 13,530 of December 7, 2017, through own equity divided into shares, separate from the assets of the administrator and the shareholders, being subject to the obligations and rights own.
The fund is responsible for covering any defaults on the FIES and had a transfer of R$ 500 million authorized by means of an ordinance, with the signature of the Minister of Finance, Fernando Haddad. The ordinance in question was published this Tuesday, 30, in the Official Gazette (DOU).
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Created by the law of the New FIES in 2017, the fund became effective in 2018 following a decree published in March of that year. The legislation had delimited a total of BRL 3 billion for the payment of FG-Fies quotas, in addition to some resources from the sponsors of teaching institutions that adhere to the program are also foreseen.
The ordinance published in the Official Gazette last Monday can be seen in full at site.
In addition to the ordinance, an order was published by the Ministry of Finance, in which the Union allows the Regional Bank of Development of the Extreme South (BRDE) take out a $50 million loan from the Inter-American Development Bank (BID).
This operation will receive a guarantee from the Federal Government, subject to counter-guarantees from the BRDE and the government of Rio Grande do Sul. Such guarantees will be used to cover possible defaults. According to the order, the development bank of the southern states will use the loan for the purpose of partially fund the Emergency Program to Mitigate the Economic Effects of the Coronavirus (Prosul Emergency).
The aforementioned program offers subsidized credit to help businesses that were affected by the recent and catastrophic Covid-19 pandemic.
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