Brazil sold the Galeao airport in Rio de Janeiro to Odebrecht SA and its partner Changi Airports International for USD8.3 billion. This was according to a report published by San Francisco Chronicle today.

The sale of the Brazil's second-busiest airport was part of President Dilma Rouseff's program to lure in investors. The minimum bid for the airport was BRL4.83 billion. Odebrecht and Changi offered BRL19 billion (USD8.3 billion) to run Galeao airport. In a statement, Changi said the deal is expected to be inked in March, the report stated.

According to the said statement, the airfield expansion project will begin with the construction of 26 additional airbridges in April 2016. Parking lots will also be added. The statement also said by the end of the concession period, the airport will have a capacity of 60 million annual passengers, the report said.

Singapore's air transportation system is top one in terms of quality in the industry, according to the World Economic Forum's most recent Global Competitiveness Report. The report was based on a survey of over 13,000 business leaders. On the other hand, Brazil's air transport system is ranked 123rd among 148 countries, San Francisco Chronicle reported.