The Government has formally approved the sum in principle, which would be used in a development programme for the Sochi region over the next eight years.
The commitment was included in Sochi’s official submission (the 'Response to Questionnaire') given to the International Olympic Committee (IOC) in Lausanne last week.
The comprehensive plan covers the development of Sochi and its region between 2006 and 2014, and aims to upgrade it to a year-round, world-class resort destination.
The Vice Prime Minister of Russia, Alexander Zhukov, said: “It is our belief that the Games in Sochi would be at the heart of a series of development projects which will provide long-term benefit for the whole nation.”
