MOSCOW, October 27 (RIA Novosti) - The International Olympic Committee (IOC) is satisfied with the quality and pace of Sochi's preparations for the 2014 Winter Olympic Games, the IOC president said on Tuesday.

Jacques Rogge told journalists three years have already passed since the decision was taken to hold the 2014 Winter Olympics in Russia's Black Sea resort of Sochi, and the ISO was satisfied with the progress made in preparations for the games.

The statement followed after the International Olympic Committee signed in Moscow a new sponsorship deal with the Visa payment network, extending their current partnership until 2020.

Russian Deputy Prime Minister Dmitry Kozak said in his turn that all Olympic facilities in Sochi would be ready in time.

"We have no grounds for pessimism or fears that something will not be done in time," he said, adding all preparations are expected to be completed long before the games.

In September, Russia's Ministry of Regional Development said more than 1 trillion rubles ($34.1 billion) would be spent between 2009 and 2012 on the preparations for the 2014 Winter Olympic Games in Sochi.

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 and Moscow's hosting of the Summer Games in 1980 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 five-day war with Georgia last August. The IOC dismissed the calls.