Brazil welcomes FIFA $100 million World Cup legacy fund

 The President of the Brazilian Football Confederation (CBF), Jose Maria Marin, Monday welcomed the signing of a memorandum enshrining implementation of FIFA's $100 million World Cup Legacy Fund, AFP reports.

Marin signed the memorandum of understanding for the fund at FIFA headquarters in Zurich along with FIFA secretary general Jerome Valcke and CBF president-elect Marco Polo Del Nero.

The fund will be used to develop Brazilian football at grassroots level and also to provide welfare provision in poor communities, the bulk of the cash being earmarked for the 15 federal states which did not host World Cup action.

“Through this legacy fund, the World Cup will be a catalyst for the development of football in Brazil, particularly at youth and grassroots level," Brazilian media and FIFA quoted Marin as saying.

Valcke said the memorandum to set up the fund "confirms FIFA’s commitment towards the sustainable development of football in Brazil.

"We are convinced that the legacy fund will be an excellent platform to spread the benefits of the unforgettable 2014 FIFA World Cup," said Valcke, adding FIFA would similarly seek to promote the sustainable development of the game in future host nations.

A FIFA statement noted the fund's first project, three artificial and one grass pitch next to Belem’s Estadio Olímpico do Para stadium, was already nearing completion.