SOCHI IS TO HOST THE 2014 WINTER OLYMPICS

On 4 July 2007, the holiday resort of Sochi was declared the official capital of the 2014 Winter Olympic Games. Even earlier, the Russian Government had adopted a Federal Targeted Programme “Development of the City of Sochi as a Mountain and Climatic Health Resort”. The total cost of the Programme is over 9 billion euros, of which 3.5 billion will come from off-budget sources. Still earlier, 18 months ago, theKrasnodar Territory adopted a Master Plan for development of the Sochi holiday resort. The coordinated efforts of all levels of government have given a boost to the economy and attracted an inflow of funding: the volume of foreign investments in Sochi increased tenfold to 55 million euros during 2006. Total investments in Sochi’s development increased from 400 to 560 million euros within a year.

The Programme envisages construction of more than 250 facilities, including fifteen new sports centres forming two clusters, one on the coast and the other in the mountains.

The former will centre around the Olympic Park, which will have an Olympic stadium and a square for award ceremonies, the Olympic Village, the main media centre, hotels and five ice sports arenas.

The Sochi-2014 mountain cluster, the most modern ski resort in the world, will be created at Krasnaya Polyana. It will comprise biathlon and ski complexes (20,000 and 16,000 places respectively),a bobsleigh track (11,000 places), a mountain Olympic Village (2000 places), ski jumps, a snowboard park and a freestyle centre. All the facilities at the mountain cluster are financed by private investors.