THE BRAZILIAN PARALYMPIC Committee (CPB) and the government-owned bank Caixa Econômica Federal have signed a four-year renewal deal worth 120 million Brazilian Real ($60.8m).
The new contract, which encompasses the Rio 2016 Paralympic Games, represents an annualized increase of more than R$20m or 172 per cent.
Previously, the CPB and Loterias Caixa held a R$22m agreement for the two-year period from 2011-2012.
The new agreement includes the following sports: athletics, powerlifting, swimming, wheelchair fencing, shooting, football 5-a-side, football 7-a-side, boccia, goalball, sitting volleyball, sailing, table tennis and rugby. It also includes individual sponsorship approximately 50 athletes.
The previous deal supported just six sports and 22 athletes and guides.
Commenting on the deal, Jorge Hereda, president of Caixa, said: “For quite some time, Brazilian Paralympic sport has been presenting an admirable growth, both in terms of quantity and quality.
“Caixa is proud to have made a significant contribution to this process, either by sponsoring competitions or by offering financial support to dozens of athletes.”
Annual payments under the deal will be broken down as follows: in the first two years of the partnership (2013 and 2014), Caixa will invest R$56m.
In 2015, the year of the Parapan American Games in Toronto, Canada, the Brazilian Paralympic Committee, will receive an additional R$30m.
Finally, in 2016, Loterias Caixa will invest $34m in Paralympic sports.
With the Caixa investment, the budget of the CPB will reach approximately R$100m in 2013 alone.
The amounts will add to funds received through the Agnelo-Piva Law, which stipulates that two per cent of the gross proceeds from all federal lotteries are destined for the Brazilian Olympic and Paralympic Committee.
By Matthew Glendinning
Follow Matthew on Twitter: @mattglen