Sochi games to cost $50 bn - deputy Russia PM

MOSCOW (AFP) –

A sunset in the village of Esto-Sadok close to the alpine resort Rosa Khutor in Russian Black Sea resort of Sochi on February 3, 2013. The Winter Olympic Games to be held in Russia’s Black Sea city of Sochi in one year’s time will cost a total of 1.5 trillion rubles ($50.0 billion), a Russian deputy prime minister said on Monday.

The Winter Olympic Games to be held in Russia’s Black Sea city of Sochi in one year’s time will cost a total of 1.5 trillion rubles ($50 billion), a Russian deputy prime minister said on Monday.

“It’s true that the figure is approaching this ceiling. In principle it has already been reached but I want to again emphasise that half this money is private investment,” Deputy Prime Minister Dmitry Kozak told reporters.

He said of the 700 billion rubles ($23.3 billion) coming from the Russian budget, 200 billion ($6.7 billion) is being spent on building the Olympic facilities and 500 billion ($16.7 billion) on developing Sochi’s infrastructure.

The total cost is a sharp rise from initial estimates of $19 billion, although direct comparisons are difficult between different sets of figures.

Russia is planning on Thursday to hold a major ceremony in Sochi attended by President Vladimir Putin and the leaders of the Olympic movement to mark the one year countdown to the Games.