A JOINT FUNDING PROTOCOL was signed on Thursday by French Prime Minister Edouard Philippe, Anne Hidalgo, Mayor of Paris, and Tony Estanguet, President of the Paris 2024 Games with the aim of hosting the marquee event under the proposed budget of $7.9 million. The public contribution is expected to be $1.63 million, according to L’Equipe, the French newspaper.
The protocol came into existence shortly after a government report by finance, sports and infrastructure inspectors was published in April that warned of the cost of organizing the event going to $8.5 million.
The Olympic Aquatics Centre, which was reportedly on the verge of being scrapped, will be built and will control costs, according to the organizing committee since the long run matters. The Games project will ultimately lead to the creation of eight legacy pools at the centre, in place of the five that were originally planned. As a result, it will receive a funding of more than $46.46 million as compared to its bid-phase provision.
The committee also decided that the Athletes’ Village will be maintained in its proposed location and according to existing plans. The benefits of real value to the local area and its residents are expected to include: the undergrounding of power lines; new housing; the creation of new green spaces; and the building of an anti-noise wall.
Tony Estanguet, President of Paris 2024 said: “Paris 2024’s ambition is to stage Games that are different, and which will light up history. The “New Norm” put in place by the IOC, in the framework of Agenda 2020, is shared by everyone involved in co-creating this great project. We want these Games to surprise people – with the celebration and the capacity to meet citizens’ expectations, and also in terms of keeping to the budget envelope agreed. The signing of this protocol is proof of the merits of our approach, and the product of collective work towards an ambition shared by all stakeholders. We are proud to be leading the Games into a new era. Our project is getting stronger every day. Today, it is already much stronger than on 14 September last year, following our win. But the work continues. And together with all our partners, the IOC, the IPC and all the committed stakeholders alongside us, we will continue to work every day to offer Games of ever greater benefit to our country.”
Anne Hidalgo, Mayor of Paris said: “When Paris was named Host City, we were careful to insist that guarantees were put in place ensuring the Games budget would be scrupulously respected, and that the highest ethical standards would be applied to the project. The commitments undertaken by all stakeholders this morning, are going to enable us, as expected, to reconcile strict cost management with a powerful legacy for our local communities, based on investments that will deliver real value for residents.
- Log in to post comments