Brazil‘s beachfront pearl Rio de Janeiro wants to issue $500 million in “Olympic Bonds” to get the host city for the 2016 Summer Olympics ready for the games.
Rio de Janeiro Mayor Eduardo Paes will ask President Dilma Rousseff and Finance Minister Guido Mantega to authorize the debt issue at a meeting next month, the mayor’s press office confirmed Tuesday. States and cities in Brazil must get federal approval for bond issues.
Proceeds from the city’s bond sale will be used to build out infrastructure and sports facilities for the summer games, the mayor’s press office said.
Brazil’s readiness to host high-profile sporting events such as the 2014 World Cup and 2016 Summer Olympics has been questioned by critics who point to the country’s outdated infrastructure, high crime rates and widespread poverty.
FIFA officials, for example, have said Brazil is behind schedule on stadium renovations and infrastructure projects key to a successful World Cup. Rio de Janeiro will host the opening and closing games at the world famous Maracana stadium.
Rio de Janeiro also received unwanted attention in November, when the government was forced to send in troops backed by armored personnel carriers to stifle drug-related violence in one of the city’s largest shantytowns.
By Jeff Fick, Dow Jones
The year 2011 is already looking pivotal in the build-up to the FIFA World Cup Brazil™, with fans and observers to start seeing the first tangible signs of the festival of football scheduled for 2014.
Penned in for the end of July will be the Preliminary Draw in Rio de Janeiro, which will define the groups for the qualifying phase of the competition. And in the days prior to the event, at which Brazil intends to begin showing the world what it can expect over the coming three years, there will be a number of workshops and seminars taking place in the same venue as the Preliminary Draw itself.
Another significant landmark due to take place over the course of 2011 will be the unveiling of the official slogan for Brazil 2014, while in addition work on three of the 12 stadiums which will host matches at the showpiece competition should have begun by the end of June. What is more, the decision on which venues will welcome games at the FIFA Confederations Cup 2013 will be made this year, as will the match calendar for the 2014 FIFA World Cup and the launch of its volunteer programme.
As far as security matters are concerned, the proposed course of action for the competition will continue to grow and evolve. This will occur via meetings with the country’s various public security forces (municipal guards, military police, civil police and traffic officers), a process that has already been carried out with Brazil’s fire department. (more…)
