Sochi’s budget for the 2014 Games has been slashed to 218 billion roubles ($6.10 billion), but Russia is confident it can deliver venues two years ahead of time according to the minister overseeing the project.
In a Reuters interview Tuesday Russian Deputy Prime Minister Dmitry Kozak said the state will fund 108 billion roubles of the project in the new budget, and the private sector will pay the remainder after a 15 per cent cut to its initial cost estimates.
He said, “obviously this figure is subject to adjustments, depending on the situation on the construction materials market. It can be revised either upwards or downwards”.
He added the funds will cover the cost of the Olympic facilities and infrastructure supporting their operations, adding that Russia’ national reserves of four billion roubles will be adequate to offset any future cost increases.
Meanwhile Russian officials announced for the first time the approximate costs of the Sochi 2014 Games, reports the RBC Daily. Krasnodar region Governor Alexander Tkachyov said the Sochi 2014 Games is estimated at $20 billion.
