Brazilian Development Bank Approves $195M In Stadium Financing
Through its program BNDES ProCopa Arenas, the Brazilian Development Bank (BNDES) has approved R$400M ($195.3M) in financing for the construction of the Corinthians Arena in São Paulo, according to COPA2014.gov.br. The arena is scheduled to host a number of 2014 World Cup matches including the opening game. The R$400M "corresponds to 46% of the project's total investment." The Corinthians Arena is the "ninth operation approved" by the BNDES ProCopa Program. The eight other cities that had "already been approved" were: Belo Horizonte R$400M, Cuiabá R$393M ($191.9M), Fortaleza R$351.5M ($171.4M), Manaus R$400M, Natal R$396.5M ($193.6M), Salvador R$323.7M ($158.1M), Recife R$400M and Rio de Janeiro R$400M. The Corinthians' future stadium "will have a capacity" of 48,000 after the World Cup, but during the tournament the state government will add 20,000 temporary seats in order to meet the minimum capacity required by FIFA to host the opening match of the event (COPA2014.gov.br, 7/12).