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Brazil is set to auction control over Rio de Janeiro's international airport as it seeks to upgrade its ageing terminals before hosting the 2014 World Cup .
The announcement came from Brazilian President Dilma Rousseff, whose government hopes to raise $5.5 billion by ceding management of the capital's Antonio Carlos Jobim airport.
Air travel in the country has doubled over the past decade spurred by the rise in income levels, but investment in Brazil's airport has struggled to keep up with the growing consumer demand.
Rousseff managed to overcome a long-standing resistance from her Worker's Party in February 2012 by selling control of three of Brazil's airports.
Despite the fact that the auction failed to attract bids from the world's major airport operators, Rousseff maintained she has "learned a lot" from the earlier attempts.
"We believe it's extremely important to have a partnership between Brazilian investors and operators of major international airports," the Brazilian president added.