Russia may allocate more than $1.9bn for EXPO-2010

In the event Russia is chosen as the organizer of the EXPO-2010, it may allocate more than $1.9bn for organizing and holding this event, Senior Deputy General Director of the VVTS exhibition Magomed Musayev announced at the press conference today. The press conference was devoted to the exhibition "Resources, ideas, technologies - views on EXPO-2010". He specified that these funds would be allocated for the reconstruction of the VVTS exhibition center, preparing Moscow for the event and for conducting the EXPO-2010 exhibition itself. The next country where the EXPO-2010 exhibition will be conducted will be chosen by representatives of 88 country-members of the International Exhibition Bureau on December 3, 2002, in Monaco.

The VVTS official believes that Russia has a good chance to win in the tender for holding the EXPO-2010. Its main competitors are South Korea and China. He noted that $700m would be allocated for the development of Moscow's infrastructure regardless of the decision, as this amount was budgeted in the city's development program through 2010. Funds for the reconstruction of the VVTS and the construction of new buildings will reach $580m. This project would be launched at the end of 2003 or at the beginning of 2004 and it would include the construction of an exhibition village, an international exhibition center and the reconstruction of 46 exhibition halls on the premises of the VVTS exhibition.

Musayev reported, answering a question of an RBC correspondent, that the reconstruction of the VVTS exhibition would pay off in five to six years.