Maracaná Stadium to be Renovated with CAF Financing

(Special, Nov. 22, 2012) - The governor of the State of Rio de Janeiro, Sergio Cabral Filho, and the director representative of CAF -development bank of Latin America- in Brazil, Moira Paz Estenssoro, signed a $121-million loan agreement with CAF for the renovation and upgrade of the Jornalista Mario Filho Stadium, better known as Maracaná, the site of the final match and the closing ceremony of the 2014 World Cup and the main venue for the 2016 Olympic Games.

After the signing ceremony, Ms. Paz Estenssoro, highlighted the contribution of urban centers as engines for development in Latin America and pointed to CAF’s contribution in that regard. "CAF's support for Latin American cities is based on a comprehensive agenda that promotes a series of investment programs that address social, economic, productive, cultural and environmental issues."

The Maracaná renovation project is within these guidelines, as it seeks to improve the quality of life of the population and promotes safe and modern spaces for sports and healthy entertainment, as well as tourism, while generating new employment opportunities and added value for tourism-related products. Ms. Paz Estenssoro also said the new Maracaná will feature technological innovations and "green" technology, that will allow a rational use of water and increase energy efficiency in a sustainable manner.

In 2010, CAF created the Program to Support 2014 World Cup in Brazil, with $1 billion in funding for economic and social infrastructure, basic services, and environmental projects in the host cities. Fortaleza, Rio de Janeiro and Manaus have benefited from this program.