Slovakia Earmarks EU177 Million for Olympics Bid With Poland

Slovakia is prepared to spend 177 million euros ($243 million) if it wins the chance to host the 2022 Winter Olympic Games in a joint bid with Poland, a plan approved by the government showed today.

The neighboring countries approved a plan last year to bid jointly, with Slovakia hosting alpine skiing and ice hockey events and the Polish city of Krakow acting as the center of the games. Russia spent more than 1.5 trillion rubles ($42 billion) on the 22nd Winter Olympics, which ended Feb. 23, according to Moody’s Investors Service and RAM Capital SA, compared with an original budget of $12 billion.

Beijing, Oslo, Ukraine’s Lviv, Kazakhstan’s Almaty and Stockholm have also bid. Poland, the largest eastern EU member, co-hosted the European soccer championship in 2012 with Ukraine. Slovakia, a country of 5.5 million people, is counting on its ski resorts, including Tatry Mountain Resort AS-operated Jasna, as a draw.

As much as 169 million euros of Slovakia’s budget for the games will be covered by the state, according to the document posted on the government website. The funds will be spent mostly on upgrading roads and other infrastructure.

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