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Brazil state seeks loan to complete World Cup stadium

Brazil,Sports, Thu, 13 Feb 2014 IANS

Rio de Janeiro, Feb 13 (IANS) Brazil's Parana state government has requested a 65 million-real ($27 million) loan to complete work on the Arena da Baixada football World Cup stadium.

The venue is in a race against time to remain on the World Cup schedule due to severe construction delays, reports Xinhua.

World football governing body FIFA has given local officials until Feb 18 to prove the stadium will be ready in time for the June 12-July 13 tournament.

In a statement on its official website Wednesday, the Parana government said a loan application to national development bank BNDES has been submitted alongside that of the stadium's owner, the Atletico Paranaense football club.

"The Parana government, the municipal government of Curitiba and Atletico Parnaense guarantee the adoption of all necessary measures to ensure the conclusion of works within the deadline stipulated by FIFA," the statement said.

Arena da Baixada, which will host four World Cup group matches, has seen its budget balloon to 265 million reals from an initial estimate of 184 million reals.

Parana's state government admitted it was hoping for quick access to the new funds.

"From the meetings we've already had with BNDES, we can conclude that an analysis of the credit operation will have the priority status that it deserves so that the working schedule can continue without interruption," the statement added.

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