Brazil President Lula Hastens Funds for 2014 FIFA World Cup
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A bill to reduce bureaucracy and hasten the construction of infrastructure projects for the 2014 FIFA world cup and 2016 Olympic Games was recently signed by Brazilian president Luiz Inacio Lula da Silva.
This move is to ensure that red tape will be reduced in the approval of loans to be used in financing the infrastructure projects aimed to be completed before the tournaments. Such projects include stadiums and airport renovations.
The recently passed bill is also intended for the Brazilian Development Bank (BNDES) to give priority to the loans to be used in financing the said projects for the World Cup and Olympic Games.
Cities hosting the World Cup finals have 400 million reais (224.7 US dollars) available loans from BNDES to fund urban infrastructure projects.
The Brazilian government will be investing a total amount of 740 million reais (415.7 US dollars) in ports and around 5.5 billion reais (3.08 billion US dollars) in airports.
Expansive renovation of stadiums and airports are yet to start.