Kozak: cost of Sochi Olympic objects will be defined by end of year

Dmitri Kozak, Minister for Regional Development of the Russian Federation, has stated that the final construction cost of all the objects erected for the 2014 Sochi Winter Olympiad will be defined by the end of 2008 after finalizing the project and budget documentation.

"By the end of this year, we'll be able to announce the required funding volume for every object," Dmitri Kozak said in the briefing on the outcomes ff the government sitting, where preparation for the Olympiad was discussed.

According to Mr Kozak, it is too early now to talk figures, since the project and budget documentation is not yet ready, but we already know that the funding from the state budget for construction of Olympic objects will be less by at least 33 billion roubles, as this sum will be provided by investors, the RIA "Novosti" reports.

Dmitri Kozak has noted that residents of the Imereti Valley in Sochi will obtain, as compensation for their withdrawn land estates, a new dwelling settlement, equipped with nicely developed infrastructure - quite close, but still outside the Olympic Park.

The Minister has assured that compensations will be paid out in any case, by results of assessing the cost of their land plots and real estate. As he said, now, there are some fifteen families still thinking whether to agree to move or not.