Did BNDES status as financier influence FIFAs choice of Brazil for the World Cup?
[EPA] BNDES’ influence also extends into the national pastime – football. Shortly after FIFA announced that Brazil would host the 2014 World Cup, the BNDES stepped forward and promised hundreds of millions of dollars in money to refurbish over a dozen stadiums across the country. Behind the scenes, there is a belief by some that a key reason why Brazil was selected to host the 2014 World Cup (not to mention the 2016 Olympic Games) is because FIFA and International Olympic Committee officials were convinced the BNDES has the money to fund a good portion of the infrastructure development that might be demanded in the coming years. Earlier this year Luiz Inacio Lula da Silva, the Brazilian president, was on hand in London to inaugurate a new BNDES office in that city, signalling the bank’s growing ambitions in Europe. And on November 18, in what could be viewed as a typical days work, the BNDES approved a $2.5bn loan for Oi group – a telecommunications company. The loan proved that – for
