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Sochi Olympics spending exceeds USD 36 bn

Posted on Feb 02, 07:14PM | IANS

Moscow, Feb 2 : Russia had spent 1.1 trillion rubles (USD 36.7 billion) on preparatory events for the 2014 Winter Olympic Games by the start of 2013, according to documents prepared for a first meeting of the state commission responsible for preparing for the Games.

Investors spent 737 billion rubles (USD 24.6 billion) of that sum on preparations for the Games, due to be held in the southern Russian resort of Sochi on the Black Sea next February.

A total of 1.5 trillion rubles (USD 50.1 billion) is to be spent on preparatory events. More than 70 percent of the facilities required for the Olympics are now ready with just over a year to go until competition starts.

The Kremlin said in mid-January that Russian President Vladimir Putin has set up a state commission to supervise preparation of the Sochi 2014 Winter Olympics.

Putin personally lobbied International Olympic Committee (IOC) officials in 2007 to ensure Russia was granted its first Winter Games.

The 37-man Olympics preparation commission, which includes the entire Cabinet of ministers, as well as Sochi organising committee officials, is led by Deputy Prime Minister Dmitry Kozak.