Brazil to have a redesigned and renovated Maracaná for 2014 World Cup

(Caracas, March 6, 2012). - Rio de Janeiro state, Brazil, is implementing a project to renovate and redesign Jornalista Mário Filho Stadium, better known as Maracaná, for which CAF - Latin American development bank - today announced approval of US$121 million which covers 27% of the total project cost of US$450 million.

"The CAF support will contribute to developing the infrastructure that Brazil needs to host upcoming world events, with the economic and social benefits that this type of event generates as a return to the country," CAF President & CEO Enrique García said.

CAF is implementing in Brazil the Support Program for Municipal Governments (PRAM) set up in 2006 to assist their development through long-term loans granted directly to municipalities that meet the eligibility requirements established by the national government and the development bank.

Based on this successful experience, the Support Program for Municipal and State Governments World Cup 2014 Venues was created in Brazil to finance, through loans to host cities, projects related to economic and social infrastructure, utilities and the environment.

The approvals that CAF has granted for projects in the cities of Fortaleza, Rio de Janeiro and Manaus already exceed US$700 million.

The most significant investments approved today are civil works associated with renovation and reconstruction of Maracaná stadium which will host the final match and closing ceremony of the World Cup 2014 and later become the focus of the 2016 Summer Olympics.