Rio 2016 Secures some Additional Funding

Petrobas’ Rio headquarters (Photo: Gallo/Wikimedia Commons

With funding issues putting the Rio 2016 Paralympic Games in doubt, the local organizing committee has sought a unique solution. With the government barred from giving money to the Games, the organizing committee has reached out to public organizations, which are not affected by that ban, for the funding.

Unsurprisingly one of those companies involved is Petrobas, the state-run oil company, which may show the desperation of the organizers. Petrobas has been at the heart of almost all the financial scandals in Brazil lately, including the scandal the ousted the President Dilma Rousseff earlier this year.

The other two new contributors are both banks, the public bank Caixa Economica Federal and the development bank BNDES. The three companies will be combining to give the organizing committee BRL 100 million ($31 million) in an effort to get the funds needed to keep the full Paralympic Games experience available to athletes at Rio.

The money will help plug the shortfall in travel funding that would have prevented a number of National Paralympic Committees (NPCs) from competing at the Rio Olympics. That can then allow money that the organizing committee has to go to actually running the event after rumors events would have to be cut.

While this does not get the organizers out of the woods, it does help alleviate some of the trouble and give hopes of a normal Paralympic Games. More news on the funding of the Rio Paralympics is sure to come as the organizers keep searching and the importance ramps up as the Games get closer.


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