By RALPH BONNICKAssociated PressA major university in Rio de Janeiro dropped its bid Tuesday to make 2020 the most prestigious in the Olympics, saying it could not meet the demands of Rio’s scientific community.
The university said it would now focus on its science degree.
Rio Mayor Eduardo Paes said he is confident Rio will host the Games in 2024.
The University of Rio de Pernambuco (RUP) was the biggest university to submit a bid to host the 2020 Games.
The University of the Americas was the second-largest.RUP has more than 50,000 students and an average of about 3,000 full-time students.
The move came a day after Rio announced that it had secured the services of a $500 million infrastructure bank that will allow it to borrow from a consortium of private investors.
The government had said it will use the bank for building projects including infrastructure.
The bank’s chief executive, Julio Cunha, said the consortium will fund more than 10 million homes and 1.4 million apartments in the capital and is planning to invest in infrastructure projects.
He said the bank would finance more than a third of Rio Mayor Edgardo Cuneta’s infrastructure spending, including roads and bridges, to keep the city in shape for the 2024 Games.
Rio’s bid also included a pledge to improve public health, improve environmental protection, and improve the quality of life.
The Rio Olympics are the first of two that will take place at the same time on the same date each year.
Rio’s bid includes an agreement to hold two other events, as well as a new state-of-the-art stadium and a large stadium with a capacity of 20,000 people for concerts.