Fonte Nova Negócios e Participações signed on the last day 30th the funding that will guarantee R$ 573.6 million required for the construction of the Arena Fonte Nova. The total project value of the new stadium that will host the 2014 World Cup is R$ 591 million.
The stadium construction and operation will be ensured by two lines of funding, one through the Agency of Promotion of the State of Bahia (Desenbahia) and another via Banco do Nordeste.
Through Desenbahia will be allocated R$ 323.6 million to the venture. The resources have its origin in the programs ProCopa Arenas, from BNDES. The remainder of the investment value of R$ 250 million will be borne by the BNB and comes from the Constitutional Financing Fund for Tourism in the Northeast – FNE Proatur. Both are provided in the contract of Public Private Partnership (PPP), signed between the companies OAS, Odebrecht and the Government of the State of Bahia.
According to the president of Desenbahia, Luiz Alberto Petitinga, the funds will be allocated in the Fund of Social and Economic Development of the State of Bahia (Fundese). "We went an important step, ensuring technical and financial resources for the construction of the stadium", he says.
The new arena will have capacity for 50,273 spectators, and the project is in accordance with Fifa regulations, obeying the criteria of environmental sustainability, rationalization of water use and deployment of solar heating plant.
The president of FNP Dênio Cidreira, highlights the good positioning of the arena in relation to the projects for the World Cup in Brazil: "Our project was one of the first to be approved by BNDES and is now among the first ones to arrange long-term financing with two of the most important financial institutions in the country", he comments.
With the signing of these contracts, the work will follow its schedule, on time, with the beginning of foundations planned for this January. The deadline for completion of the work is December 2012.