On Friday, the Brazilian Olympic Committee submitted a US$14.4 billion bid to host the 2016 Summer Olympics in Rio de Janeiro. The plan calls for $2.8 billion in operational costs and $11.6 billion in associated costs for construction and services.

The plan also states that the city will use infrastructure from the 2007 Pan American Games, as well as venues for the 2014 World Cup. Rio de Janeiro has a strategic advantage since it already has over half of the necessary facilities constructed, meaning it will have to invest less money during the financial crisis. Brazil has also been one of the least affected countries during the crisis, avoiding major economic damage.

According to GamesBids.com, which tracks the status of countries bidding for the Olympics, Tokyo is in the lead, and Rio de Janeiro is in second, behind by two points.