18 Jan 2009

Tokyo Olympic bid recieves a boost

4:43 pm on 18 January 2009

Tokyo's 2016 Olympic bid has received a major boost after the city allocated an extra $1.1 billion for the Games in it's 2009 fiscal budget.

Tokyo's bid leaders insist the Japanese capital is best placed to emerge from the global financial crisis and host a debt-free Olympics in 2016.

The fresh cash injection takes Tokyo's contingency fund for the Games to $4.4 billion.

A spokesperson for the Tokyo bid, Masanori Takaya, says there will be no budget concerns for the Games if they're staged in Tokyo.

Tokyo, the first Asian city to host the Olympics in 1964, faces competition from Chicago, Madrid and Rio de Janeiro in the race to stage the 2016 Summer Games.

The IOC will announce the winner on October 2nd.