Photographer: Dado Galdieri/Bloomberg

Brazil Said to Tap Petrobras and State Banks for Paralympics

  • Caixa, BNDES said to help finance a total of $31 million
  • Judges have raised transparency concerns of last-minute funds

Brazil has turned to public banks and the state-controlled oil company to carry out the Paralympic games after Olympic organizers requested additional funds, said a senior government official who participated in the discussions.

State-run oil company Petrobras, public bank Caixa Economica Federal, and development bank BNDES will help sponsor a combined 100 million reais ($31 million) before the event begins next month, the official said. Petroleo Brasileiro SA, as it is formally known, said it is evaluating a Paralympic sponsorship in an e-mailed response. BNDES and Caixa didn’t immediately respond to requests for comment. Rio 2016 declined to comment.

Rio de Janeiro has scraped by to pull off the 2016 Olympic Games as Brazil’s worst recession in decades has decimated both federal and state government budgets. The International Paralympic Committee warned that athletes from more than 50 countries could miss the September Games, an event that gained recognition in London and Beijing, if the promised funds aren’t delivered.

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Export and investment agency Apex and state tourism institute Embratur will also contribute to the $31 million total, according to the government official who asked not to be named because the information is not yet public.

Rio has had difficulties getting last-minute local and federal funding because judges have raised transparency concerns.

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