Tokyo gets funding boost in 2016 Olympic bid

Tokyo’s bid to host the 2016 Olympics has received a boost, with the city government saying it will allocate an additional $1.1 billion for the Games in its 2009 budget.

Tokyo’s organizers say the decision by the Tokyo metropolitan government adds to the claim that their bid is the most financially secure of the 2016 applications at a time of global economic uncertainty.

The fresh cash injection of $1.1 billion increases Tokyo’s contingency fund for the Games to $4.4 billion.

“Financial stability is one of our strengths,” Tokyo’s 2016 bid communications manager Masanori Takaya said Saturday. “Even amid the worldwide economic downturn we already have more than $4.4 billion. There will be no budget concerns for the Games.”

The Japanese capital, which hosted the Olympics in 1964, is competing with Chicago, Madrid and Rio de Janeiro to host the 2016 Summer Games.

Tokyo’s bid topped the International Olympic Committee’s technical evaluation in June, but Barack Obama’s victory in the U.S. presidential election was seen to boost the hopes of his adopted city of Chicago.

However, Tokyo organizers say the financial stability of their bid and a promise to stage a compact Games makes it an attractive choice.

“The 2009 budget is further confirmation of our financial strength and security which we believe is important to the IOC in these difficult economic times,” bid chairman Ichiro Kono said in a statement.

The IOC will vote on the host city on Oct 2, 2009.