(ATR)The Japanese and metropolitan governments have reached a deal to finance the new 2020 Olympic stadium.
Tokyo’s city administration will be responsible for paying $321 million of the estimated $1.3 billion construction cost as well as post-Gamesmaintenance costs.
Central government will fund 50 percent of the Olympic stadium build, Japan Sport Council – which is overseeing the project – a quarter of the cost, with the metropolitan government providing the other 25 percent.
The agreement was announced Tuesday following talks between Tokyo Governor Yoichi Masuzoe, Olympics minister Toshiaki Endo and sports and education minister Hiroshi Hase.
The metropolitan government will also handle the development of the park and facilities around the stadium.
Government and sports officials hope to generate some revenues for the stadium project from the sale of national lottery tickets.
"Working closely with government and Tokyo metropolitan government to construct the new Olympic stadium, we want to do our best to lead the 2020 Tokyo Olympics to success, and make the stadium a valuable legacy after the Games," Masuzoe said.
Endo, the chief coordinator between the central and metropolitan governments, said "It is a necessary main stadium for Tokyo 2020 Olympic success and will leave a diverse legacy. It will be significantlybeneficial for citizens of Tokyo for many years to come."
Tokyo 2020 communications director Masa Takaya tells ATR that every development of the stadium project "shows the government’s adherence to the progress schedule".
"Tokyo 2020 would like to keep working closely together with the national government, the Japan Sport Council, the Tokyo Metropolitan Government and other relevant delivery partners for the successful completion of the new iconic stadium - to be ready for the unforgettable Games," he said.
ATR was told last month that the Japan Sport Council expects to finalise the design contract for the stadium by the end of December.Construction work on the new stadium is scheduled to begin in 2017.
Prime Minister Shinzo Abe axed the original $2 billion project in July due to ballooning costs, triggering IOC concerns about the showpiece hub of the Olympics.
Reported in Tokyo by Shusuke Hirata
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