Sochi Olympic construction not over budget

The head of the Sochi Olympic Construction organisation has denied reports that the project will go massively over budget.

Semyon Vainshtock told RT that costs for the 2014 Winter Olympics would be controlled by attracting more foreign investors.

Currently, there are almost 240 different projects of which only 59 are in the hands of private companies.

“The budget for the projects hasn’t been calculated yet. That’s why all the figures were very approximate. However, I don’t expect this figure to double by the end. We will try to award to private investors as many Olympic projects as possible so they can invest themselves,” promised Vainstock.