Rio’s New Year’s Eve to Receive R$2 Million from BNDES

Also sponsored by Petrobras, Rio's 2018 New Year's celebrations cost R$25 million in public and private sponsorship, and expects to boost Rio's tourism by twenty percent.

By Beatriz Miranda, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Last Monday, December 18th, Brazil's National Bank for Economic and Social Development (BNDES) announced they would be a new sponsor of Rio's 2018 New Year's celebrations.

According to Riotur, the public bank will participate with the amount of R$2 million, to be granted through the Rouanet Law, which stimulates the private investment in cultural initiatives.

BNDES' sponsoring initiative is a response to Rio's City Hall's effort to attract private investment to the 2018 New Year's. Concerned with reducing the public expenses with the serious . . .

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