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Volume 10 No. 22
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Rio De Janeiro State Government Negotiating Third Maracanã Stadium Loan

The Rio de Janeiro government "is negotiating its third loan" to pay for the remodeling of the Maracanã stadium for the 2014 World Cup, according to Vinicius Konchinski of UOL. If the negotiations with the Caixa Econômica Federal go well, the state will receive a R$137M ($64.1M) loan. If the loan is approved, R$787M ($368.3M) of the R$888M ($415.6M) budgeted for the remodeling of the stadium will have been covered by loans. Negotiations between the Rio government and the Caixa Econômica Federal have been "ongoing for at least two months" (UOL, 12/2).