The Brazilian Development Bank (BNDES) increased the budget allocation from R$ 1 billion to R$ 2 billion for the BNDES Tourism Programme for the 2014 World Cup (BNDES ProCopa Turismo). The programme's duration, which was until the 31st of December this year, was also extended to the 30th of June 2013, new deadline for financing applications.
The reason for the change is the intensive demand of the hotel sector for the resources. The current volume of requests received by BNDES through the programme has surpassed the R$ 1 billion initially made available. Three hundred and forty-seven million in operations have already been approved. Another R$ 680.1 million refer to projects that are still being analysed or assessed by the bank.
Launched in February 2010, the programme supports the increase and modernisation of the national hotel network. The programme encourages the adoption of sustainable practices by offering a longer payment term and lower interest rates if the projects supported are awarded the A level certificate in energy efficiency from the National Energy Conservation Programme (PROCEL), or a certificate from the Sustainability Management System of the hotel sector.