Olympic Games-2024: Solideo will donate 39 million euros to the State and communities

"The amount of public funding, in current euros and including inflation, necessary for the construction of the Olympic works increases from 1,721 to 1,682 billion current euros, i.e. a restitution of 39 million euros to the State and communities local authorities", indicated Solideo in a press release, following a board meeting at Paris city hall, under the presidency of the PS mayor of the capital Anne Hidalgo.

“This financial operation was made possible by exemplary management of the construction sites of the 70 Olympic structures”, welcomes Solideo, despite “the pandemic” and “the crises in the international context of recent years”.

The part given back to the State will be granted to the organizing committee of the Olympic Games (whose financing is separate from that of Solideo) to finance the Paralympic Games, we learned from the Ministry of Sports.

Over the past three years, Solideo has suffered from inflation, in the wake of the war in Ukraine. In 2022, it had included 140,1 million for inflation in its budget. To absorb inflation in 2022, an envelope of 61,3 million euros was voted in the 2023 Finance bill. The communities also helped to take charge of this
additional cost.

In July 2021, due to inflation, Solideo increased the public portion by 175 million euros (from 1,38 to 1,55 billion euros).

According to the press release released on Wednesday, Solideo still has a reserve, reduced from 52,8 million to 31,8 million euros, which it will use "to cover the contingencies linked to the work carried out" after the Olympics. The Olympic village, designed as a residential district, will notably have to undergo some redevelopment to be able to deliver the apartments to buyers or tenants.

In addition to the public share of 1,682 billion euros, the budget includes 2 billion in private investments, additional funding from communities for "legacy" of 449 million euros as well as "230 million euros in private financing" which will come later.

In total, Solideo's budget is around 4,4 billion euros.

The Cojo, whose budget was 4,38 billion euros at the end of 2023, will receive a new allocation of around 60 million euros for the Paralympic Games (State and communities) and has drawn some 90 million euros from his reserve, according to a source close to the matter. Its budget is now around 4,5 billion euros.