Rio 2016 Price Tag Reaches To $13.2B, According To Financial Report

The Federal Agency for Olympic Legacy (AGLO) published figures that revealed the cost of the Rio 2016 Olympics has risen to R$43.4B ($13.2B), around R$14.5B ($4.4B) "more than originally planned," according to Rodrigo Viga Gaier of REUTERS. The original budget when Brazil won the right to host the Games in '09 was around R$28.8 ($8.8B). The total announced on Wednesday "could still rise further," but it was "in keeping with expectations that had been revised" during the countdown to South America's first ever Olympics. The cost is below the £8.9B spent on London 2012, but "still more than twice" the $5.2B average cost of hosting the Summer Games, according to a '15 study by the University of Oxford and Said Business School. The AGLO said that some R$7.2B was spent on venues. The Globo sports website reported that the cost of infrastructure projects rose to R$26.7B and another R$9.2B was spent on operating costs (REUTERS, 6/14).