The cities hosting the 2014 World Cup in Brazil have been awarded an infusion of $6 billion from the Inter-American Development Bank to fund urban mobility and other efforts ahead of the event.
The $6 billion is part of a larger investment in Brazil that's mainly aimed at social services for the country's large poor population.
"IDB President Luis Alberto Moreno said the bank will lend $10 billion to $12 billion to Brazil over the next four years. By the end of 2011, the stipulated credit will be $2 billion. The goal of the negotiation is to support the social services provided through the Brazil without Poverty Plan, a project to elevate income and living conditions for extremely poor families.
Part of the IDB agreement focuses specifically on infrastructure improvement projects in preparation for the 2014 World Cup . The plan is to provide financial assistance to the 12 host cities to complete urban mobility projects in order to move people in a more efficient and sustainable manner. To accomplish this, the plan will provide funds for the construction of roads that connect South American countries, supplemented with bike lanes and new bus lines to relieve congestion. In total, the plan will invest about $6 billion for the completion of the work."
FULL STORY: IDB to Invest $6 Billion in World Cup Host Cities
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