Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 12, 2014 at 11:53AM

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VENTURES AFRICA – Africa’s largest economy South Africa will bid for the 2024 Olympic, the country’s Sports Minister, Fikile Mbabula has said.

South Africa had initially said it could not afford to host the 2020 Olympics, stating the need channel resources to provide for its people, but has apparently had a change of heart

According to Fikile, who had unsuccessfully lobbied for the country to bid for the 2020 Olympics, the President was in agreement with the decision and the country was ready to host the games.

The list of countries bidding for the 2024 games includes the like of Kenya, Morocco, Philippines, Qatar, Republic of China, France, Turkey, Italy, Mexico and USA amongst others.

South Africa is however hopeful that it can compete favourably with these countries since it successfully hosted the World Cup in 2010 and organised the 123rd IOC session in Durban, the city favoured by the country for the games

Although South Africa has not stated the cost for hosting the games, it spent R40 billion ($5.9 billion) on the 2010 World Cup which according to analysts was money well spent as it improved the country’s infrastructure and boosted the economy irrespective of the low financial gains estimated to be about $5.3 million

If the country bids successfully for the games, it will be the first African country to host the number one international sporting event, making a mark in history

Rio de Janeiro and Tokyo have been scheduled to host the 2016 and 2020 Olympic Games respectively while the bid for the 2024 Olympics will commence in 2015. The International Olympics Committee (IOC) will announce the winner in 2017.

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