MOSCOW, October 31 (RIA Novosti) - President Putin has signed into law a bill on the establishment of a state corporation to manage the construction of facilities for the 2014 Winter Olympics in Sochi, the Kremlin said on Wednesday.
In line with the law, the Olympic State Corporation will handle the design, construction, modernization and maintenance of sports and infrastructure facilities for 2014's Winter Olympics and Paralympics, as well as managing projects to develop Sochi's tourist industry.
The law was passed by the Russian parliament's lower house in its third and final reading on October 18 and approved by the Federation Council, parliament's upper house, on October 26.
The law extends regulations on cooperation between the corporation and a special organizing committee. The list of facilities to be built by the corporation is also to include security and environmental protection units.
The corporation will operate indefinitely under the control of a supervisory board, a 10-member management committee and a president to be appointed by the Russian government.
Funding is to come from the federal budget and revenues from the corporation's business activities, as well as other contributors.
Sochi won the right to host the 2014 Winter Olympic Games during an IOC session in Guatemala in July after a close race with South Korea's Pyeongchang and Austria's Salzburg.
The Winter Olympics will be held in Russia for the first time. Moscow hosted the Summer Olympics in 1980, but the event was marred by a U.S.-led boycott involving more than 60 countries.
