The agreement will be in place until October 2, when the International Olympic Committee (IOC) will select the Host City for the 2016 Olympic and Paralympic Games at is Session in Copenhagen.

The partnership is another illustration of the business sector’s endorsement of the bid and commitment to bring the Olympic and Paralympic Games to Rio in 2016, officials claimed.

Carlos Arthur Nuzman, the President of Rio's bid, said: “The sponsorship agreement with the Odebrecht Group is further evidence of the growing confidence of Brazilian business in our bid and in our progress thus far.

 

"We are entering an important phase of the campaign and receiving further support at this stage is very significant for us."

Odebrecht has previously been a supporter of the Brazilian Olympic Committee, notably during the preparations of the Rio de Janeiro Pan American Games and Parapan American Games in 2007.

 

The group’s engineering division led the modernisation of the Maracanã Complex and the construction of João Havelange Olympic Stadium – both proposed Rio 2016 venues.
 

Odebrecht is a Brazil-based multinational corporation specialising in petrochemicals, ethanol and engineering.

 

They operate in Latin America, the United States, Africa, Portugal and the Middle East.

 

The company, which employs more than 73,000 people, is a pioneer in Brazil for promoting social initiatives, investing in education, health and environmental projects, as well as supporting various cultural programmes.
 

Rio 2016 also has the support of EBX, Embratel and TAM.

 

The other cities bidding for the Games are Chicago, Madrid and Tokyo.