Brazil to reduce bureaucracy in World Cup financing operations

13:45, July 20, 2010      

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Brazilian President Luiz Inacio Lula da Silva signed on Monday a bill to speed up the release of resources for the necessary projects for the 2014 FIFA World Cup and the 2016 Olympic Games.

The bill was aimed to reduce bureaucracy in the approval of loans to finance several infrastructure projects which need to be completed before the two sports events, such as extensive airport renovations and expansions.

The new bill also assures that the loans to carry on projects for both the Cup and the Olympic Games are given priority by the Brazilian Development Bank (BNDES).

Since the beginning of the 2010 World Cup in South Africa, FIFA has been pressuring Brazil to speed up the infrastructure projects for the 2014 tournament. Extensive renovations in the stadiums will be necessary, and many of them have yet to be started. The necessary work in airports, which are said to be one of Brazil's main problems, have not been done either.

The 2014 World Cup cities will have 400 million reais (224.7 million U.S. dollars) available in BNDES loans in order to build or renovate their stadiums and carry on urban infrastructure projects.

Source: Xinhua


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