PARIS (AFP) - Prime Minister Manuel Valls on Friday (Oct 7) committed one billion euros (S$1.5 billion) on behalf of the French government towards Paris's bid to host the 2024 Olympics.
The French capital was among four candidates including Budapest, Los Angeles and Rome to submit the second part of their bids outlining financing to the International Olympic Committee (IOC) in Lausanne on Friday.
"The State will bring two thirds of the necessary public funds, that is one billion euros, to finance equipment, long term construction which will be useful to the population," said Valls, adding the funds would be released "between 2018 and 2024".
Valls said that the Paris suburb of Seine-Saint-Denis, one of the poorest in France, would be among the beneficiaries, notably through the construction of the Olympic Village which would be transformed into 5,000 homes.
Earlier an envoy for the Paris bid committee deposited the city's bid at the IOC's Swiss headquarters.
Stage three of the bid process on 'Games Delivery, Experience and Venue Legacy' will be ready on Feb 3, with the Evaluation Commission visiting bid cities in May and the final vote on September 13 in Lima.