10.06.2015 - Almaty unveil $75 billion sovereign wealth fund in bid to ease financial concerns surrounding 2022 Olympic bid
A pledge to utilise a $75 billion (£49 billion/€67 billion) sovereign wealth fund formed a strong part of Almaty 2022's message to the International Olympic Committee here (IOC) at today's IOC Candidate City Briefing, with Kazakh Prime Minister Karim Massimov playing a starring role. The former Kazakh capital was the first city to present to the membership today, with Beijing, their only rival in a two-horse race, now making a similar presentation, consisting of 45 minutes of speeches by a group of eight speakers followed by 45 minutes of questions and answers. Almaty, whose bid is focused around a compact and traditionally-wintry venue concept, is perceived as being more dependent on political and economic circumstances to pull off its bid than its Chinese rival, with their lack of experience in organising previous Games seen as a potential stumbling block...............................................Full Article: Source
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