MOSCOW, June 2 (RIA Novosti) - The construction of facilities for the 2014 Olympic Games in Russia's Black Sea resort city of Sochi will be financed by private investors and sponsors in 2009 and 2010, a Russian deputy premier said on Tuesday.

"We made a decision that in 2009-2010 the Organizing Committee will not receive earlier allocated state budget funds. This will help save 2.7 billion rubles ($88.2 million) of federal funds," Alexander Zhukov said.

He said it became possible for such budget savings to be made after sponsors and investors indicated they were interested, despite the ongoing financial crisis, in investing in Olympic projects.

However, he said Russia would fulfill its International Olympic Committee (IOC) obligations and the state would continue to fund the construction of facilities in 2011.

Sochi won the right to host the Olympics at an IOC session in Guatemala in July 2007 after a close race with South Korea's Pyeongchang and Austria's Salzburg.

Russia has never hosted the Winter Olympics. Moscow hosted the Summer Olympics in 1980, but the event was marred by a U.S.-led boycott involving more than 60 countries.

Several western countries called on the IOC last year to deprive Russia of its right to host the Games in 2014 after the country fought a brief 5-day war with Georgia last August. The IOC dismissed the calls.