By Jaylan Boyle, Contributing Reporter

RIO DE JANEIRO - The project to revitalize the port area of Rio was officially launched last Tuesday by President Luiz Inácio Lula da Silva, Governor Sergio Cabral and Mayor Eduardo Paes.

Forecast expenditure for the initial stage of the project is US$392 million, and will include the redevelopment and reuse of existing buildings in the area. Mayor Paes has said that the second development stage will then absorb US$3 billion, mainly contributed by the private sector.

Some initiatives of the project are already underway. Construction has begun on a new access road . . .

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