Hungarian newspapers reported Thursday the Budapest Local Council is discussing a HUF 3,800bn development plan for Hungry to bid on the 2020 Summer Olympic Games.
Nepszabadsag reports Hungary would need HUF 2,400bn for transportation development and HUF 600bn for athletic and media facilities including the construction of the Olympic village, in order to host the 2020 Games.
Napi Gazdasag wrote that Hungarian taxpayers would finance 90 per cent of development costs because Hungary cannot count on EU funding for the bid.
It’s expected that about HUF 380bn would be financed by private investors.
According to calculations to be discussed by the local council, the bid would add 0.1 per cent to Hungary’s GDP growth between 2015 and 2019.
The International Olympic Committee (IOC) is selecting the host city for the 2010 Summer Games in 2013.