Marques, a former steel company executive who took up her new post in August, said the city would form partnerships with private companies to fulfil venue and infrastructure developments before the Games. The event was originally expected to cost around $12.8 billion, although Marques admitted that the figure would change due to alterations in the city’s plans since the International Olympic Committee awarded Rio the Games two years ago, and a new total would be revealed by the end of this year.

“Looking at our projects, I don't see any need for any foreign funding,” she told Reuters in an interview. “We have funding from the city Treasury and the federal government. It's partly because the world isn't in a good moment – capturing funds overseas is a little more complicated the way things are.”

Construction work on expanding Rio’s subway system and a new rapid bus network are under way, and Marques insisted the city was not planning to take advantage of a new law passed by Congress that would allow bidding processes to be streamlined. “The city is ahead of its timetable and delivering projects ahead of time,” she added.