Russia says cost of facilities for Sochi Olympics to be 5 percent lower than recent estimates

Sochi construction costs to be 5 percent lower

MOSCOW — Construction costs for the 2014 Winter Olympics in Sochi will be about 5 percent lower than recent estimates.

Russian Deputy Prime Minister Dmitry Kozak, who is spearheading preparations for the games, says the costs have been “optimized” following a budget review.

Kozak said in a statement Wednesday the estimate has now dipped to 195.3 billion rubles — approximately $6.2 billion at the current exchange rate, which has fallen sharply over the past year.

The Russian government is to provide nearly half of that amount, with the rest coming from private investors.