Rio wins bid to stage 2016 Olympics

Rio de Janeiro won the vote to stage the 2016 Olympics and become the first city in South America to host the event.

The Brazilian city, which proposed investments of $11.1 billion in preparation for the games, won today in balloting by the International Olympic Committee in Copenhagen, beating Madrid, Tokyo and Chicago.

Brazilian President Luiz Inacio Lula da Silva led the Rio delegation, while US President Barack Obama made an in-person pitch for Chicago, his adopted hometown. Brazilian stocks and its currency extended gains after Chicago dropped out in the first round of votes and Rio de Janeiro became the frontrunner.

Rio, in a metropolitan area with 12 million people, centered its bid on using sports as a catalyst for social integration, celebration and transformation of the city, the region and the country. The city promised “impeccable games” that will improve the city’s infrastructure, security and environment, and generate 50,000 temporary jobs and 15,000 permanent ones. Rio failed in attempts to host the 2004 and 2012 Olympics, when its bids didn’t have the participation of federal and state governments.