Investment in Rio sought for Olympics
Date added: 28th January, 2011 at 10:10
(view all articles from January, 2011)
Categories: Rio, Olympics 2016
Investment in Rio is being sought by the city's mayor Eduardo Paes in order to fund the hosting of the Olympic games in 2016.
The official would like to issue $500 million (£314.76 million) in bonds to raise the cash and will ask president Dilma Rousseff and finance minister Guido Mantega to authorise the sale at a meeting next month.
Joe Leahy, writing for the Financial Times, stated the move may not be approved, as Brazil stopped municipal bond issuance over a decade ago.
However, should the city be allowed to sell debt, it may encourage others in the country to do the same, which the journalist said would strengthen the nation's currency - the real.
The news provider reported investment in Rio needs to equal $36 billion (£22.66 billion) to prepare for the World Cup in 2014 as well as the Olympics.
Global head of emerging markets research at RBC Capital Markets Nick Chamie told the information source that should the issuance go ahead, it could garner a lot of attention from speculators.
"They’d find plenty of demand, especially given that they are going to tie it into the whole Olympics thing," he said.
For anyone wishing to invest in the full potential of Brazil, Property Bond Brazil has an excellent array of opportunities for investment in Rio. 
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