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The International Olympic Committee (IOC) announced at their Executive Board meeting on Thursday that they expect the postponed 2020 Tokyo Olympic Games to cost $800-millionUSD for the re-schedule.

The IOC set aside $150-million to provide assistance to International Federations (IFs) and National Olympic Committee (NOCs), where they will provide loans and advances.

The plan is to offset the costs due to the Coronavirus pandemic. The program will be funded by both the IOC and the Swiss government.

“We are one year and two months from the opening of the Games,” said Bach. “We are now working with full engagement for the success of the Tokyo 2020 Games in 2021 and to have these Games in a safe environment for all participants.

The Board also approved the next Executive Board Meeting to also take place virtually as this one did.

“The IOC Executive Board has agreed today to have the 136th IOC Session virtually on Friday, July 17,” said Bach. “A first-ever as you can imagine.”