Rio de Janeiro – The budget for the 2014 FIFA World Cup Tourism Program (ProCopa Turismo) has been doubled from R$ 1 billion to R$ 2 billion. The announcement was made this Wednesday (26th) by the Brazilian Development Bank (BNDES), which has also approved the extension of the deadline for the bank’s Brazilian hotel network modernization program up to June 30, 2013. The original deadline was December 31, 2012.
The program was launched in February 2010. It conditions industry support to sustainability-oriented actions. An energy-efficiency certification, for instance, awards borrowers longer deadlines and lower interest rates.
According to the BNDES press office, the changes were made given the strong demand from hotel industry businessmen for the loans.
The ProCopa Turismo financing portfolio has already exceeded R$ 1 billion. Including the investment to be made by the businessmen themselves, the figure rises to R$ 1.5 billion.
Thus far, loans worth R$ 347 million have been approved. Projects worth R$ 680.1 million are either being analysed or undergoing technical consultation. Of all credit requests in analysis or consultation, 62.7% are for hotel construction.
*Translated by Gabriel Pomerancblum
