The Buenos Aires 2018 Youth Olympic Games bid committee, and the Government of the City of Buenos Aires, have confirmed their commitment to offer the International Olympic Committee (IOC) full financial guarantees and to contribute all the necessary funding to host the Youth Olympic Games (YOG).
The financial guarantees and commitments include the Government of the City of Buenos Aires taking full responsibility to cover any potential financial shortfall to the Organising Committee’s commitments, as well as any shortfall in the costs incurred for the construction of the Youth Olympic Village and the permanent and temporary infrastructure for the YOG.
The formal guarantees include providing complete custody of all Games venues to the Organising Committee ahead of the start of the YOG for the full amount of time requested.
Buenos Aires 2018 will emphasize all its full financial guarantees in a written response to the IOC Evaluation Commission report which was published June 4. The confirmed guarantees will be delivered to the IOC by June 12 – the deadline set for responses as part of the bidding process.
Mauricio Macri, head of the Government of the City of Buenos Aires said, “I am very pleased to respond to the IOC Evaluation Commission comments and fully confirm our city’s commitment to the 2018 Youth Olympic Games bid. It would be a great honour for Buenos Aires to host these Games and we will provide all the resources and guarantees required for the successful development and celebration of the YOG, and ensure young athletes, media, sports fans and members of the Olympic Family from around the world have a truly memorable experience”.
Francisco Irarrazaval, Buenos Aires Under-Secretary of Sport and Chief Executive of the Buenos Aires 2018 bid committee said, “Buenos Aires can be trusted to deliver a YOG that will make the whole Olympic Movement proud of this new international celebration of sport and culture. We will make excellent partners for the IOC should we have the honour of hosting the YOG in 2018 and we welcome the Evaluation Commission’s assessment that Buenos Aires presents minimal risk to the IOC.
“Buenos Aires’ campaign for the YOG is a priority for the city and nation and we are pleased to confirm that all levels of government are unified behind this bid. Our bid has total, unconditional and cross-party political support and there is a united effort to help Buenos Aires with the right to stage the 2018 YOG.
“We want to emphasize today that the Buenos Aires government guarantees unequivocally that all the necessary funding will be available for the YOG with total financial security”.
