Thursday, July 22, 2010

Brazilian Cities Allowed Higher Debt Ahead of 2014 World Cup

Brazilian President Luiz Inacio Lula da Silva has announced that his government will invest more than $3.5 billion in port upgrades ahead of the 2014 World Cup, and that the country's 12 host cities will be allowed to rack up higher levels of debt to make sure they are prepared.

During the ceremony to launch the decree, the president announced that 3.545 billion will be allocated to upgrade airports and ports in the twelve cities hosting the soccer tournament in 2014.

"Things are going very quickly," said Lula, countering criticism of his government for delays in works, which he attributed to the "folly" of people who have no patience with the ritual required to put projects into practice.

Brazil tighten steps for 2014 World Cup, 2016 Olympics
People's Daily Online
July 20, 2010