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Hungary pumps more money into Olympic bid

Parliament

As bidders withdraw from the race and Hungary is praised for its tender, the government will pump more money into its 2024 Olympics bid by transferring HUF 1.06 billion from the stability reserves of the Ministry of National Development, a resolution published in official gazette Magyar Közlöny on Saturday shows, according to Hungarian news agency MTI.

Under another resolution, the government will spend HUF 1.98 billion on unspecified capital increases, MTI added. Both the allocations are set to be financed from a HUF 2.98 bln cut in the Country Protection Fund in the 2016 budget, a special reserve set aside as a buffer against unforeseen risks, according to MTI. The resolution approved allocating HUF 1 bln for the development of cycling facilities, MTI added. 

The International Olympic Committee (IOC) has approved the second round of documentation for Budapest’s bid to host the 2024 Summer Olympics, Balázs Fürjes, the government commissioner for the process, told Hungarian news agency MTI last week.

According to a report published by Hungarian daily Magyar Nemzet in September, the Hungarian government has spent a total of HUF 7 bln on the bid to host the Olympic Games in 2024. Currently Hungary is competing against Los Angeles and Paris, after Rome and Hamburg decided to withdraw their bids, the latter after a referendum. Although there were initiatives in Hungary to hold a referendum on the matter, these were not approved by the National Election Commission.

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