Currency converter
^
News Feed
News Search Topics
ОК
Use filter
You can filter your feed,
by choosing only interesting
sections.
Loading

Import substitution to help Russia comply with 2018 FIFA World Cup costs — sports minister

April 28, 2015, 19:38 UTC+3 KRASNODAR
The volume of budget funds earmarked for the construction of stadiums for the 2018 FIFA World Cup in Russia was set at about $9 billion in 2010
1 pages in this article
Construction of a new stadium for 2018 FIFA World Cup football matches

Construction of a new stadium for 2018 FIFA World Cup football matches

© Maxim Tumanov/TASS

KRASNODAR, April 28. /TASS/. Imported materials substitution with domestic alternatives will help the Sports Ministry comply with the budget set aside for the construction of facilities and infrastructure for the 2018 FIFA World Cup in Russia, Sports Minister Vitaly Mutko said on Tuesday.

"We have the task to comply with the budget estimates stated earlier. It is not a matter of whether we’ll succeed or not because no one will give us additional funds," the minister said.

The costs of the construction of sports facilities and infrastructure for the 2018 FIFA World Cup in Russia have risen by about 30-40% compared with the original budget outlays due to the uneasy economic situation in the country, the sports minister said.

The ruble slumped by about 50% against the world’s major currencies last year amid the falling world oil prices, a large capital flight, western sanctions and negative trends in the Russian economy.

Russia’s Sports Ministry has held an inventory of all sports facilities under construction and is drawing up quite a "long list" of imported products that should be substituted with Russian alternatives, Mutko said.

Previous reports said the list of imported products that should be substituted with Russian materials would be finalized in May. Contractors and sub-contractors will be allowed to purchase materials from domestic enterprises and some joint ventures.

The volume of budget funds earmarked for the construction of stadiums for the 2018 FIFA World Cup in Russia was set at about 300 billion rubles ($9 billion) in 2010.

If converted at the current exchange rate, this figure drops to $5.8 billion, which suggests the need for cost optimization.

Russia won the bid to host the 2018 World Cup over four years ago in a tight race against the joint bid from England, Portugal and Spain and the joint bid on behalf of Belgium and the Netherlands.

Russia selected 11 host cities to be the venues for the matches of the 2018 World Cup and they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.

The matches of the 2018 World Cup will be held between June 14 and July 15 at 12 stadiums located in the 11 mentioned above cities across Russia. Two of the stadiums are located in the Russian capital.

Show more
In other media
Реклама
Реклама