This article sought to express the relationship between the political and organizational changes at BASA and the operational process of the Constitutional Financing Fund for the North (FNO) from 2007 to 2020, interpreting this subject through empirical results based on structural factors. The justification for this study lies in the fact that understanding this research object is fundamental to providing greater visibility to the vicissitudes and progress experienced by BASA during this period, as it is a federal public entity that has consistently followed Brazil’s structural shifts. Furthermore, this is a qualitative, descriptive study based on secondary data and conducted through a bibliographic approach, drawing on authors who discuss regional development, regional integration, and regional development policies. The results show that the FNO has presented limitations in its allocative efficiency. It was observed that the Fund did not succeed in fostering endogenous productive capacities in the North region, nor in overcoming structural dependence on dominant technological and economic hubs. Additionally, the performance of public credit proved insufficient to consolidate the cross-border regional integration of the Brazilian North.
