Tuesday, October 6, 2009

Development bank to fund Games and Cup

Brazil's National Bank of Economic and Social Development has indicated that it will release up to R$15 billion (US$8.5 billion) for projects for the 2014 World Cup and 2016 Rio Olympics combined. The principal focus of the funding will be on activities involving infrastructure in the 12 Cup host cities, including Rio and its additional requirements for the Games.

The federal government has also announced that it expects Rio 2016 to cost around R$26 billion, seven times the cost of the 2007 Pan American Games, which came in at R$3.7 billion.