Brasilia - Brazil on Tuesday approved government loans to build or renovate the 12 stadiums scheduled to host games for the 2014 World Cup. President Luiz Inacio Lula da Silva authorized the Brazilian development bank BNDES to finance up to 75 per cent of the cost to prepare the football venues. The work will include improvements in transportation links to the stadiums.
The total is about 4.8 billion reals (2.8 billion dollars).
The loans will be financed at discounted interest rates for 12 years, Sports Minister Orlando Silva announced after meeting with Lula.
Three of the 12 stadiums - facilities in Sao Paulo, Porto Alegre and Curitiba - are privately operated, but the owners will have access to the same government loans with collateral requirements.
