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Investment for Shanghai Expo Set at US$3.62 Billion

Preparations for the Shanghai World Expo in 2010 are expected to cost about 30 billion yuan (US$3.62 billion), according to a local official in charge of the preparatory affairs.

The investment will go for development of venues, the building and operation of relevant facilities for exhibition, as well as a special fund, said Wu Yunfei, deputy director of the Coordination Bureau for Shanghai World Expo Affairs.

Most of the investment, about 20 billion yuan(US$2.42 billion), will be spent in venue development, which will be carried out from 2004-07.

The cost for the venue development will be borne by the municipal government, said Wu.

Construction of facilities for exhibition will include erection of a 3 sqare-kilometre zone with fencing, plus a World Expo Village covering 0.3 sqare-kilometre, which will cost 10 billion yuan and be undertaken between 2008 and 2010.

The Shanghai World Expo Group Co Ltd, a leading market operator specially established for operating various facilities, is put in charge of fund-raising for construction of facilities for exposition.

In accordance with the commitments the Chinese Government has made to the International Expositions Bureau (IEB), the Chinese Government will offer US$100 million in attendance aid to developing countries that have financial difficulty in attending the Expo.

The source of the attendance aid will come from governmental investment, donations, and the added value from reinvestment of the Shanghai World Expo fund, said the local official.