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Posted on February 18, 2013
Brazil’s state development bank BNDES approved on Monday to extend up to $1 billion reais ($510 million) in loans to help state and municipal governments finance soccer World Cup events.
Loans will be disbursed through state-controlled lender Banco do Brasil and will help fund preparation for the World Cup soccer tournaments that are to be hosted in 12 cities in 2014, the bank said in a statement. The bank will charge interest of 2 percentage points above the so-called benchmark TJLP rate and maturities for the loans could be of up to 10 years.