Tokyo’s bid for the 2016 Summer Olympic Games received a “significant” boost after it was announced the proposed 2009 fiscal budget of the Tokyo Metropolitan Government (TMG) allocated about $1.1 billion (U.S.) to the existing fund for 2016 Games preparations.
According to a press release the news confirms the financial strength of Japan’s 2016 bid.
The TMG also pledged $25 million (U.S.) for the organization of Olympic and Paralympic-related sporting events – including the Tokyo Marathon and a newly planned junior high school long distance road race.
The new funds will bring the contingency fund for Games preparation to $4.4 billion (U.S.).
Tokyo’s hosting of the Olympic and Paralympic Games is expected to boost the metropolitan and national economies with a ripple effect totalling $31 billion (U.S.) according to TMG, said the press release.
Dr. Ichiro Kono, Chairman and CEO of Tokyo 2016 said, “we are extremely pleased to announce the news about our 2009 budget. It is further confirmation of our financial strength and security, which we believe is important to the Olympic Movement in these difficult economic times globally.
“To ensure that Tokyo 216 maximizes investment and delivers a long-term, inspirational legacy for future generations, its Games Plan is highly sustainable. The plan makes use of many enhanced Tokyo 1964 Olympic Games legacy facilities – which are still used for world class competition today – as well as five new state-of-the-art venues”, he said.