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Olympics: Sochi games to cost $50 bn - deputy Russia PM

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(Globalpost/GlobalPost)

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.

"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.

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http://www.globalpost.com/dispatch/news/afp/130204/olympics-sochi-games-cost-50-bn-deputy-russia-pm