LATEST NEWS Professional Services
June 4, 2009
Private cash enough to carry 2014 Games, Russian government says
The Russian government won’t finance the preparations for the 2014 Winter Olympics in Sochi this year and next because there is enough financial support from private investors, a top government official said June 2.
Alexander Zhukov, the deputy prime minister overseeing preparations in the Black Sea resort, said the funds raised by Sochi’s local organizing committee exceed the government’s expectations.
He said the move will save the government 2.7 billion rubles (C$96 million) rubles over the next two years.
Zhukov also said the organizing committee has a four-billion-ruble (C$142-million) budget surplus, but pledged that Russia would resume state financing in 2011.
The global financial crisis has raised concern about Russia’s ability to pay for the Games, with most facilities being built from scratch.
The government conservatively estimated last year that the 200 construction projects for the 2014 Olympics would cost US$12 billion. The state was set to put up $7.5 billion, with the rest coming from the private sector.
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 527 projects with a total value of $1,552,331,732 that Reed Construction Data Building Reports reported on Friday.
$120,000,000 Oakville ON Tenders
$48,225,000 Etobicoke ON Prebid
$40,000,000 Ottawa ON Negotiated
- CCA96th: Unlocking Canada's Potential
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- Wins delivered on infrastructure front: Rizzardo
- Behind the Velodrome’s Veil
- Ontario’s prompt payment bill needs work but supported
- Southwest L-evation
- Post-bid clarifications make feds liable for bid repair
- Panama Construction Fact for Today
- Ritchie Bros. hold first Canadian auction of 2014
- Skilled labour needs changing in Saskatchewan
- Quebec’s construction momentum ebbs after 15 years of expansion
- VIDEO: Canadian Construction Association conference Panama preview
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- Wood Design Awards
- Lone bidder prepares P3 proposal for Alberta schools
- Outgoing chair reflects on time at the helm of the CCA
- School board asks for traditional procurement
- Site Services in Vancouver
- Looking to improve contract awards
- Environmental verdict riles Taseko
- Prentice to mediate First Nations agreements
- CAWIC funded to create action plan to attract women
- More video surveillance used on construction sites
- Modular workforce housing meets Alberta Building Code standard
- Manitoba outlines infrastructure plan
- BC Hydro posts RFQ for Site C project