Paris’ bid for the 2012 Summer Olympic Games received the unanimous endorsement of the Council of Paris to approve several financial guarantees necessary to host the 2012 Summer Olympic and Paralympic Games.
The financial guarantees amounting to 1.27 billion Euros include 680 million Euros of investment in facilities within Paris, including the construction of a SuperDome in the Northern competition venue cluster and a Dome in the Western competition venue cluster; 59 million Euros of investment in facilities in the neighbouring cities for the construction of the Main Press Centre and the Aquatics Centre; and 503 million Euros of investment in transport infrastructure.
Twenty five million Euros have been dedicated to support the Paralympic Games.
According to a Paris 2012 release, the guarantees given by the city are significantly higher than the forecasted costs as private funding sources will cover a portion of the Games budget. The City of Paris is expected to pay 950 million Euros to host the Games and an additional 800 million Euros will be dedicated to the refurbishment of the Batignolles district in the North-West of Paris, the Olympic Village venue.
Meanwhile, Paris 2012 officials say a new survey showing a renewed and growing confidence in the French economy will boost its 2012 bid. France was rated the third most trusted economy in Europe according to a report issued by the international research company AT Kearney.
Philippe Baudillon, head of Paris 2012 said, “the survey’s findings confirm that France is an attractive and reliable global investment option. With its improved performance over the past twelve months (from eighth place), the French economy has never looked as attractive as it does now, and we believe it is very encouraging for the Paris bid to see the international business community proactively seeking investment opportunities in France”.
London, one of Paris’ competitors for the 2012 Games, was ahead of Paris in the report.
