Brazilian Development Bank approves R$ 400 million in financing for stadium that will stage World Cup opening match

12/07/2012 - 10:47
Resources correspond to 46% of the total construction related investment in the venue

The Brazilian Development Bank (BNDES), through its programme BNDES ProCopa Arenas, approved financing in the order of R$ 400 million for the building of the Corinthians Arena, in the Itaquera region in Sao Paulo, stage of the 2014 World Cup opening match.

It is an indirect operation and the intermediary financial agent will be Banco do Brasil (Brazil's Bank), which will transfer the resources to the Sociedade de Propósito Específico (SPE) Arena Itaquera S.A., entity in charge of building the stadium, made up  of  Jequitibá Patrimonial S.A. and Odebrecht Participações e Investimentos S.A.

The resources from BNDES, transferred to Banco do Brasil, correspond to 46% of the project's total investment.

The Corinthians Arena is the ninth operation approved by the BNDES ProCopa Arenas programme, set up by the bank to finance the construction or refurbishment of 2014 World Cup stadiums. Before that, financing for stadiums in other cities had already been approved: Belo Horizonte (R$ 400 million), Cuiabá (R$ 393 million), Fortaleza (R$ 351.5 million), Manaus (R$ R$ 400 million), Natal (R$ 396.5 million), Salvador (R$ 323.7 million), Recife (R$ 400 million) and Rio de Janeiro (R$ 400 million).

Stadium
Corinthians’ future stadium will have capacity for 48 thousand places in the ‘post World Cup’ mode. During the tournament, the state government will add 20 thousand temporary seats, so that the grounds meet the minimum capacity required by FIFA for hosting the opening match. In addition to the opening match, another five World Cup games will played at the grounds, including a semi-final.

Located alongside the Radial Leste Avenue and with plenty of metro and train stations in its surroundings, the venue will have auditoriums, restaurants, theme bars and car park, which will make it possible for other events to be hosted there like concerts, conferences, conventions and trade shows.

Construction works are expected to be completed by December 2013. During the construction stage, it is estimated that 7.5 thousand direct and indirect jobs will be generated.  When it becomes operational, the estimate is that 3.6 thousand jobs will be created.

» See the financing related rules in detail (content in Portuguese)

Source: BNDES

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