Banco do Brasil will release a bridge loan of R$ 150 million to Odebrecht apply on the works of Itaquera stadium, in the East area of São Paulo, stage of the World Cup opening match.
According to the construction company, this is the second loan of this type for the project - the bank Santander had already released R$ 100 million.
The funding is because the Brazilian Development Bank (BNDES - Banco Nacional de Desenvolvimento Econômico e Social) has not yet approved the loan of R$ 400 million, which is essential to perform the works in the arena in Sao Paulo.
Odebrecht sent a consultation letter, a procedure that initiates the request for loan in the state bank, in December last year. It was hoped therefore that the technicians of BNDES had already examined the guarantees of Itaquerão to endorse the funding, which has not happened yet.
According to “UOL”, the state bank financing should be available to Corinthians and Odebrecht from June. Until then, the costs of contracting for services, remuneration of employees and purchase of materials at the Itaquera stadium will be covered by the Banco do Brasil’s bridge loan.
Since it will loan R$ 150 million, Banco do Brasil should become the intermediary agent of the installments of BNDES’ financing, since the state-owned company is prohibited from lending directly to soccer teams.
In addition to the amount to be approved (R$ $400 million), Itaquerão will have R$ $420 million from CIDs (Development Incentive Certificate), which correspond to tax exemptions from the municipality of São Paulo for the construction of the sport arena on the East side of the city. These certificates should be marketed until the middle of the year, "UOL" says.
However, the amount of R$ 820 million corresponding to the total value of the stadium does not include bank interest, the removal of Transpetro pipelines (around
R$ 10 million) and the cost of the removable bleachers for the World Cup opening.