Rio's 2016 Olympics win will generate investment boom
Date added: 5th October, 2009 at 09:02
(view all articles from October, 2009)
Investment in Brazil's infrastructure will be accelerated by Rio de Janeiro's successful Olympic Games 2016 bid, according to the World Bank.
Rio beat off competition from Chicago, Tokyo and Madrid to become the first South American city to host the Games.
Pamela Cox, the World Bank's vice president for Latin America, told news agency Bloomberg that the organisation will help Brazil to accelerate $11.1 billion (£6.9 billion) worth of investments on infrastructure that will be needed to help Rio host the event.
"We're very hopeful this will help the city reinvent itself," Ms Cox said.
The bank has already agreed a $212 million loan to help the state government purchase 30 new trains for the city's suburban rail network.
A recent report from the International Monetary Fund predicts that the Brazilian economy will grow by 3.5 per cent next year, enough to help lift the whole of Latin America and the Caribbean out of the global financial crisis.