BNDES released this week (Wednesday) the first installment, totaling R$ 57 million, of the financing for the works of Arena Pantanal, with funds from the ProCopa Arenas program. Thus, Cuiabá is the second host city of the World Cup 2014, after Manaus, to receive the installment of the investment program created by the federal government for this purpose.
The amount released corresponds approximately to 15% of the total financing to be granted by BNDES (National Bank for Economic and Social Development) for the construction of the stadium in Mato Grosso. Total loan will amount to R$ 392 million, with R$ 285 million aimed at the arena construction and R$ 107 million for the adequacy and urbanization of the surrounding access paths towards Arena Pantanal (1.5-km radius from the stadium).
Agecopa (State Agency for Execution of World Cup Projects in Pantanal) informed, by its press relations staff, that "BNDES acknowledged the efforts made for preparing Cuiabá to the World Cup".
Eight stadiums
Until June, eight of the twelve stadiums of the Cup have contacted BNDES to formalize the request for financing with funds from the ProCopa Arenas program. Among them, five are already contracted, informs the staff of the bank, and are related to loans granted to the state governments of Amazonas (R$ 400 million), Bahia (R$ 323.7 million), Ceará (R$ 351.5 million), Pernambuco (R$ 400 million) and Mato Grosso (R$ 392.3 million).
Similarly as for the stadium in Mato Grosso, the other contracted parties are already able to receive the allowances, according to the schedule defined. The disbursements can be tracked in the web site www.bndes.gov.br.
Also according to the bank, three other operations are in progress: the financing of R$ 400 million for Rio de Janeiro (for the renewal of Maracanã Stadium, already approved, but not contracted), and requests for SPE Minas Arena (Mineirão, R$ 400 million) and SPE Arena das Dunas, in the state of Rio Grande do Norte (398.7 million), still under analysis.
The state of Amazonas received disbursement amounting to R$ 11.8 million. In this specific case (and in mutual agreement among BNDES, the state government and control bodies), the operation has been divided into two sub-credits: this minor one, for the preparation of the executive project, and the major credit of R$ 388.2 million, to be effectively used in the works.
All of these projects were or will be submitted to the usual project analysis proceedings at BNDES: letter of inquiry, classification, analysis, approval and contracting, informs the bank.
Documentation
In addition to the documents required by ProCopa Arenas, and specific for each contract, all the projects must provide: contract signed with environmental quality certification entity and contract signed with independent company to audit the physical-financial execution of the investments.
In a first phase, for documentation analysis, the documentation must include the basic project for the arena, approved by FIFA; and also: economic feasibility study; study of impacts on the neighborhood; project of interventions in the stadium surroundings. Under the BNDES point of view, the executive project is a requirement for releasing installments greater than 20% of the contracted credit.
The installment releases (never in a single installment) occur after evidencing the utilization of the installment immediately before.
Maximum financing allowances of ProCopa Arenas amount to R$ 400 million, i.e. 75% of the total project value (whichever is lower). Then, the applicants must have at least 25% of the funds required for the works. The fact that an arena has not received yet the funds from BNDES does not mean that the works are delayed, since that other sources of credit are required.
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04/05 | News
