[QODLink]
London 2012
Olympics ‘on time and under budget’
The London Games are set to come in under its $14.5 billion budget, according to newly released government figures.
Last Modified: 28 Jun 2012 10:01
Riverbank Arena, above, is one of the developments in Olympic Park and will host the hockey events during the Games [EPA]

The London 2012 Olympics and Paralympics are on track to be delivered under their $14.5 billion budget, with $740 million left in contingency funds, the British government said on Wednesday.

A budget of $14.5 billion was set in 2007 for the construction and delivery of the Games - almost four times higher than the original cost estimates presented at the time of London's bid in 2005.

Culture, Media and Sport Minister Jeremy Hunt, whose role includes responsibility for this year's Olympics, said it was "fantastic news" that, with 44 days to go to the Games, uncommitted funds remain available.

"Britain has proved that not only can we put on a great show for the world to watch like we did with the Jubilee but that we can also deliver big construction projects on time and on budget," he said, referring to the four-day celebrations for Queen Elizabeth II's Diamond Jubilee.

Total transformation

The Olympic Park project, involving more than 46,000 workers, has seen the transformation of a contaminated former industrial site into a 2.5 square kilometre site containing six new sporting venues. Some 75 per cent of investment in the Games has gone on the regeneration of East London, one of the poorer areas of the capital, according to the government.

More than 2,000 apartments in the Olympic Village, which will house 23,000 athletes and officials during the Games, will be converted into new homes after the event.

The ODA, which is responsible for building Olympic venues and related infrastructure, says its work is 98-per cent complete.

Olympics Minister Hugh Robertson said the Olympic Park was "the biggest construction project undertaken anywhere in Europe" and hailed it as a "blue print" for economic recovery in Britain.

He said all that remained to be done was "testing and refining".

In addition to spending on the park itself, some $10 billion has been invested in upgrades to public transport, he added.

Ministers played down fears that London could grind to a halt under the influx of visitors this summer and said 700 extra staff would be employed at London's Heathrow airport and other points of entry to Britain.

"We are as confident as we possibly can be that the transport system will hold," Robertson said.

The figures were announced as the Olympic torch continues its journey around Britain after being flown in from Greece on May 18. It will arrive at the Olympic Stadium in east London for the opening ceremony on July 27.

419

Source:
AFP
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.

Featured
Lack of child protection laws means abandoned and orphaned kids rely heavily on the care of strangers.
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Since she was 16-years-old, Scottish Nationalist Party's Sturgeon has strove for independence from the UK.
Armed group's ransom success with German hostages marks a re-emergence, as authorities investigate ISIL links.
Western nations are moving into the resource-rich country after decades of disinterest, challenging China's interests.