Brazil to invest $4.24bn on airport renovations

The Brazilian Government is to spend R$7.5bn ($4.24bn) on revamping and modernising its airports ahead of the FIFA World Cup in 2014.

The government has begun the process of inviting private investors to renovate the airports and will grant concessions for their management.

The concession process, which is in the public consultation phase, has already opened for Guarulhos, Brasilia and Viracopos airports.

The minimum bid for Guarulhos airport was fixed at R$2.3bn during the 20-year term of its concession and the minimum bid for Brasilia and Viracopos was stipulated at $42.4m and $295m for concession periods of 25 years and 30 years, respectively.

The government will finish all airport work by December 2013.