Sochi to compete for hosting 2014 Winter Olympics

In an announcement posted on its Web site Thursday, the government said it had adopted a program on developing the resort by 2014, including a 327 billion ruble (US$12 billion; Ђ 9.5 billion) investment to be shared 60-40 between the government and private sector.

"With this federal target program in place, the International Olympic Committee has a full guarantee that all the facilities and venues necessary for hosting the Olympic and Paralympic Winter Games will be fully completed in time," the site quoted Deputy Prime Minister Alexander Zhukov as saying.

The plan includes construction of a new terminal at the airport serving Sochi, 25,000 new hotel rooms and road renovations as well as 16 sport facilities.

The International Olympic Committee meets June 21-23 in Lausanne, Switzerland to decide which cities make the final cut in the competition for who will hosts the Games, the AP reports.