Four days after Paris 2024, the Olympic works delivery company validated, on Friday, its increased budget due to inflation and price indexation which reached 4.4 billion euros.
For its last board of directors of the year 2022, the Olympic Works Delivery Company (Solideo) welcomed an exceptional guest, Thomas Bach, on Friday. The IOC President took advantage of his meeting at the beginning of the afternoon with Anne Hidalgo, Mayor of Paris and President of Solideo, to accompany him to the Board of Directors of the public company which is understood at the Hôtel de City and opens the meeting.
Four days after the Organizing Committee of the Games, Solideo validated its new increased financial model which takes into account a 10% increase in costs due to inflation but also price indexation, i.e. say the switch to current 2022 euros, while the budget was calculated in 2016 euros. The contribution of public players thus goes from €1.4 billion to €1.7 billion, forcing each of them to return to the pot. The Ministry of Sports and the Olympic and Paralympic Games thus contributes an additional €94.10 million, the City of Paris, €13.60 million, the Île-de-France region 13.4 or Seine-Saint-Denis 8, €10 million, all spread out until 2024.
The second part of Solideo’s budget is made up of private investments, resulting in €2 billion. By adding additional funding provided by local authorities and private funding that will be effective in the legacy phase, Solideo’s budget reaches €4.4 billion, like that of Paris 2024. This brings the cost of the Games to €8.8 € billion.
” The additional funding voted today by the Board of Directors only responds to the consequences of the war in Ukraine and the COVID crisis in China. Apart from that, we are still perfectly in line with the budget initially announced in constant 2016 euros. “, explains Nicolas Ferrand, general manager of Solideo in a press release. At the beginning of the year, the leader had admitted to having had cold sweats when certain raw materials were produced in short supply. But as usual, Nicolas Ferrand recalled being on schedule and ready to deliver the works on time.
As for the IOC President, still according to the statement, he said: “ The exceptional architectural qualities of the project, its remarkable character in terms of sustainability and the determination of everyone to make exemplary Games a success, models for future organizers and which will benefit the entire French population”.