Jul 13, 2012

• Project is the ninth program approved by the BNDES ProCopa Arenas and should generate 7,500 direct and indirect jobs during the construction phase

The Brazilian Development Bank (BNDES), through its BNDES ProCopa Arenas program, approved financing in the amount of R$ 400 million for the construction of the São Paulo Arena, in Itaquera, which will receive some 2014 World Cup matches, including the opening match of the tournament.

The operation is indirect and the financial intermediary agent will be the Banco do Brasil (BB), which will transfer the funds to the Special Purpose Entity (SPE) Arena Itaquera S.A., formed by Jequitibá Patrimonial S.A. and Odebrecht Participações e Investimentos S.A.

The BNDES funds, transferred by BB, amount to 46% of total investment and will be contributed by SPE in the Real Estate Investment Fund Arena (REIF Arena), responsible for building and maintaining the equipment.

The São Paulo Arena is the ninth operation approved by the BNDES ProCopa Arenas program, established by the Bank to finance the construction or renovation of stadiums participating in the 2014 World Cup. Before it, financing has already been approved for the arenas of Belo Horizonte (R$ 400 million), Cuiabá (R$ 393 million), Fortaleza (R$ 351.5 million), Manaus (R$ 400 million), Natal (R$ 396.5 million), Salvador (R$ 323.7 million), Recife (R$ 400 million) and Rio de Janeiro (R$ 400 million).

The São Paulo Arena will be the new stadium of Sport Club Corinthians Paulista and will have capacity for 48,000 seats in the "post-World Cup." During the tournament, the State government will add up to 20,000 temporary seats, so the stadium meets the minimum capacity required by FIFA to host the opening match. In the Arena, five other matches from the Cup will still be played, including a semifinal. Situated on the banks of Avenida Radial Leste and served by subways and train stations, the development will have items such as auditoriums, restaurants, theme bars and parking, which give it credits to be used to host other events besides football matches, such as shows, conferences, conventions and fairs.

The completion of the work is scheduled for December 2013. It is estimated that during the construction phase 7500 jobs will be generated, directly and indirectly. In the operation phase, the estimate is 3.6 million jobs.