Brazil to invest $18.7 bln in World Cup infrastructure

Brazil will invest 18.7 billion U.S. dollars in infrastructure for the 2014 FIFA World Cup, Brazilian Minister of Sports Orlando Silva Jr. said on Wednesday.

Speaking on a tele-conference, Silva stated that these resources will fund 50 projects in 12 host cities. Nearly 78 percent of funding will be allocated by the public sector, with the remainder coming from private sector sources.

The projects discussed during the tele-conference included investments of 6.5 billion U.S. dollars to improve urban mobility, including the development of monorail lines, subways, light rail transit systems, transit terminals and other modes of transportation.

"We will work in a timely and transparent manner to prepare Brazil for the World Cup and for the future," said Silva.

Silva said: "We are focusing on sustainable development, which will not only result in a successful World Cup but also improve the country for the Brazilian people."

Silva also stressed that all planned stadiums will be completed in time for the 2014 World Cup, noting that construction has already started for the stadiums in Manaus, Cuiaba, Natal, Salvador, Belo Horizonte and Brasilia. The other six stadiums are currently under the bidding process.

In the hotel sector, the National Bank for Economic and Social Development has assigned 556 million dollars to finance new ventures or remodel hotels with better terms than the market.

To address the aviation demands posed by the mega-event, 3.1 billion dollars has been assigned to enhance 13 national airports. The federal government forecasts a 10 percent increase in traffic through Brazilian airports during the World Cup. Investment in ports will be 426 million U.S. dollars.

The federal government forecasts the 2014 World Cup to generate an additional 104 billion U.S. dollars in economic activities for Brazil.

Source: Xinhua