Brazilian bank BNDES funds 2014 World Cup Stadiums

Brasil 2014On Wednesday Brazilian development bank BNDES announced that it would provide nearly $3 billion for improvements to venues for the World Cup.

The announcement contradicts a bid promise which said private funds would only be used for stadium redevelopment as well as pledges that the bank would only fund infrastructure development for the event.

Each stadium would be allocated a maximum of $230 million. According to reports, not one of the 12 venues meets FIFA’s standards for a World Cup.

The Maracana Stadium, likely the 2014 final venue, will undergo a major upgrade next year and many other stadiums are being rebuilt virtually from scratch. New grounds will be constructed in Recife and Natal.

BNDES yesterday approved a similar amount of money for infrastructure redevelopments around the venues.

The president of the Brazilian Football Confederation Ricardo Teixeira says the venues aren’t the only sites needing upgrades for the World Cup and that the country’ airports also require major upgrades. Redevelopment of the airports is scheduled to take place from 2011 to 2013.

Rentals and hotels are already being booked for the upcoming World Cup and Olympics. The government is hoping for the major influx of tourism to change the face of a beautiful city with a rich culture, yet also marked by a dark side of violence. Brazilian politicians promise an eradication of the drug cartels which run the slums in time to host these popular global events.

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