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Brazil to speed up financing for 2014 World Cup

(Xinhua)
Updated: 2010-07-20 11:07
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RIO DE JANEIRO - Brazilian President Luiz Inacio Lula da Silva signed a bill on Monday to reduce bureaucracy and speed up construction for both 2014 FIFA World Cup and 2016 Olympic Games.

The measure will reduce bureaucracy in the approval of loans to finance the infrastructure projects to be completed before the tournaments, such as stadium and airport reconstruction.

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The new bill will also ensure that loans to fund projects for both the World Cup and the Olympic Games are given priority by the Brazilian Development Bank (BNDES).

Since the beginning of the 2010 World Cup, FIFA has been pressuring Brazil to speed up the infrastructure projects for the 2014 tournament. Extensive renovation of stadiums and airports has yet to begin.

According to the Brazilian government, a total of 740 million reais ($415.7 million) are to be invested in ports and other 5.5 billion reais ($3.08 billion) in airports.

Additionally, the cities to host World Cup matches will have 400 million reais ($224.7 million) available in BNDES loans to fund urban infrastructure projects.