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FIFA World Cup is a Huge Boom for the Russian Economy
December 3, 2010 15:35

Russia won the right to host the 2018 FIFA World Cup. According to the most conservative estimates this will cost the country more than 50 billion dollars.

The executive committee of FIFA elected the capital for the World Cup for 2018 on the 2 of December in Zurich. Besides Russia other countries were ready to host soccer's biggest tournament, among them England, Holland, Belgium, Spain and Portugal. "If you will allow us to hold the championship, we will do it like never before in the FIFA's history", — said Igor Shuvalov, first vice-premier. The minister for sport Vitaliy Mutko added, that many Russian companies invested billions of dollars to host the Winter Olympics in Sochi in 2014, he also proposed to imagine how many funds would be invested to hold the FIFA's championship.

At half past six P.M. FIFA president Sepp Blatter announced the voting results — the tournament will be held in Russia and the Championship 2022 will take place in Qatar. "You have entrusted us with the FIFA World Cup for 2018 and I can promise that you will never regret it. Let us make history together," Shuvalov told the assembled delegates.

The finance Minister Alexei Kudrin said this football tournament would require less budget funds than the Olympics in Sochi.

According to the bid book the championship to be held in 13 Russian cities, including Moscow and St. Petersburg. It is planned to play on 16 stadiums but at this moment only one of them is ready for the FIFA — the Grand Sport Arena of Luzhniki Stadium, that will hold the opening match, semifinals and finals. The other staduims will be constructed from the ground up or reconstructed beyond recognition.

According to FIFA documents, it is planned to spend 3,8 billion dollars for the stadiums construction. Private money will be put out for the Moscow stadium "Spartak" (about 290 million dollars), VTB is going to finance the arena of the Moscow Dinamo stadium. The other stadiums will be build at the cost of the federal and regional budgets.

Moreover, Russia expects to invest 11 billion dollars in the development of the tourist infrastructure. There is no shortage of budget hotels only in Moscow and St. Petersburg, the other cities are going to have a large-scale construction of the hotel chains.

There is also a need to build about 7, 711 km of new roads and 2,024 km of railways, reports FIFA official documents. Focusing on the average prices for construcion, this will cost about 35 billion dollars, says Marina Udachina, director of the Innovation Institute. Udachina also adds, that reconstruction of runways and new terminals construction in all Russian cites except Moscow and Sochi will cost about 1,4 billion dollars. Thus, the total price could exceed 50 billion dollars, sums Udachina.

According to the Ministry of Regional Development, the preparations for the Winter Olimpics will cost Russia about 30 billion dollars, that are will be taken from the federal budget. The costes for the FIFA World Cup will be 3 times more expensive, says Bulat Stolyarov, IRP group CEO. By its readiness level Russia has much worse situation than Poland and Ukraine, that faced enormous problems in preparing for the European Championship 2012. The Winter Olimpics requires changes in one city only, now we have to do it in 11 cities, sayd Stolyarov.

The final estimate and solutions for the new stadiums and infrastructure creation are not found yet, this is a matter of time. The victory of holding the World Cup is going to mean tens of billions of dollars put into infrastructure and will give the country the incentive that Russia needs to meet modernization plans. Moreover, this is a huge emotional pull for the russians, this will undoubtedly bring some positive spirits to all the nation.

Tags: FIFA World Cup 2018 Sports    

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