SBD/April 17, 2014/Olympics

Rio Games Sees Budget Increase By 25% In Wake Of Project Delays, New Transit Plans

Brazilian authorities "unveiled an infrastructure budget" of US$10.76B for the '16 Rio Games, which is 25% "more than planned, as they try to reassure the world they can deliver facilities on time," according to Pedro Fonseca of REUTERS. The budget "covers 27 projects in urban development and public transport," including US$3.56B for "a newly added fourth metro line." Rio Mayor Eduardo Paes said that the higher budget "was due to the inclusion of new projects and inflation, which has blown up costs" by 30% since Rio was named host in '09. He added that 57% of the infrastructure costs "would be paid for with public funds." Fonseca reports the total cost of the Rio Games has risen" to US$16.33B, "which does not include more than half of the 52 projects or facilities that will be used exclusively for the games and still require approval." So far, "only 24 projects have been budgeted" at US$2.49B. Additionally, the organizing committee's budget "has risen" 27% to US$3.12B. The IOC and the Int'l Sport Federations last week "criticized the Brazilian government for the slow pace of work" (REUTERS, 4/17).
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