Rio 2016 Gets More Financial Backing

Odebrecht, a Brazil-based multinational company specializing in petrochemicals, ethanol and engineering, is supporting Rio 2016’s bid for the Summer Olympic Games to the tune of $1.5 million (U.S.) over the next five months, reports The IOC is meeting in Copenhagen in October to select the 2016 host city. Should Rio be selected, Odebrecht’s commitment would continue.

Rio 2016 President Carlos Arthur Nuzman said, “the sponsorship agreement with the Odebrecht Group is further evidence of the growing confidence of Brazilian business in our bid and in our progress so far. We are entering an important phase of the campaign and receiving further support at this stage is very significant for us”.

Odebrecht has supported the Brazilian Olympic Committee during its preparations for the Rio Pan American Games and Parapan American Games in 2007. The group’s engineering division reportedly led the modernization of the Maracana Complex and the construction of the Joao Havelange Olympic Stadium, both proposed venues in Rio’s 2016 bid.

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