SOCHI 2014: Medvedev claims preparations are entering final stage

RUSSIAN President Dmitry Medvedev insists Sochi's post-Olympic future is just as important as hosting the 2014 Winter Olympics in the Black Sea resort after claiming preparations are entering their final stage.

FORWARD THINKING: Russian President Dmitry Medvedev wants Sochi to become a place of 'international renown' after the 2014 Winter Olympics

No expense is being spared on transforming the city into an Olympic host with all venues rising out of the ground at astronomical costs.

Russia has earmarked more than $30 billion for the construction of hundreds of sports facilities and infrastructure in Sochi, which will host the country's first Formula One race in its history just a few months after the Olympics.

And Medvedev moved to allay fears that once the Games have gone, standards will slip in Sochi.

"We should look forward to the post-Olympic future," said Medvedev.

"The Olympics is, of course, a major sports event, but it is also important for us that there should be many new facilities for life and for pleasure here in Sochi.

"It is important that this high level that will be reached at any cost during the Olympics should remain for the residents of the Krasnodar region and for tourists.

"Our goal is to make Sochi a resort of international renown."

Medvedev also said that Sochi 2014 is a project, which is "beyond any scale" in terms of volumes of construction work, financing and organisational work.

And according to Medvedev, 85 per cent of funds allocated for Sochi Olympics are being spent on the creation of modern infrastructure, environmental tasks and tourism development.