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|
- Lafarge’s research tackles cement’s “bad boy” image
- Waterloo Region LRT work agreement almost done
- RFP released to shortlisted teams for Milton hospital expansion
- Upset waters over new Ontario diving regulations
- The Working Dead — construction of a post-apocalyptic zombie world
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 371 projects with a total value of $1,936,826,394 that Reed Construction Data Building Reports reported on Thursday.
$134,000,000 Toronto ON Prebid
$128,250,000 North York ON Prebid
$100,000,000 Toronto ON Prebid
- Debate swirls over OCOT’s merit on its anniversary
- WaterGarden Worker
- Ontario to invest in cycling infrastructure
- U.S. construction labour concerns
- Compulsory certification in carpentry a “job killer”, says Kenney
- CaGBC to provide free LEED registration and certification for commercial projects in disaster-hit cities
- Economic cost of weather catastrophes is under appreciated: report
- Scotiabank sees slow growth in housing
- Photo Gallery: 2014 ACEC BC Awards of Excellence winners
- Journal of Commerce Preview for the week of April 21st, 2014
- Making Metro
- Crumbling roads a key election issue
- Early stages of concrete pump operator certification being developed in B.C.
- Legal battle over temporary foreign workers heats up
- Dive tower pushes formwork forward
- Understanding municipal strategy
- Calgary firm fined $35,000 for workplace injury
- B.C. labour minister calls for WorkSafeBC reforms
- B.C. prison proceeding