Another Brazilian company has backed Rio's 2016 Olympic bid with millions of dollars of support.

Odebrecht, a Brazil-based multinational specialising in petrochemicals, ethanol and engineering, will pay an initial US$1.5 million over the next five months, in the build-up to the International Olympic Committee's decision on the location of the 2016 Games. The IOC will meet in Copenhagen in October to select the host city. Should Rio be chosen, Odebrecht's commitment would continue.

"The sponsorship agreement with the Odebrecht Group is further evidence of the growing confidence of Brazilian business in our bid and in our progress thus far. We are entering an important phase of the campaign and receiving further support at this stage is very significant for us," said Rio 2016 president Carlos Arthur Nuzman.

Odebrecht has previously supported the Brazilian Olympic Committee during the preparations for the Rio de Janeiro Pan American Games and Parapan American Games in 2007, while the group's engineering division led the modernisation of the Maracanã Complex and the construction of the João Havelange Olympic Stadium, both proposed 2016 venues.