Olympic Village Media Centre Boosted

Further funding from the £9.3 billion London 2012 Olympic budget has been allocated to support both the building of the Olympic Village and important media centres, the Government has announced.
The use of part of the contingency funds contained in the budget - an additional £326 million towards the Olympic Village and £135 million towards the International Broadcast and Main Press Centres (IBC/MPC) - is needed to meet a shortfall in private sector funding as a result of the global economic downturn.
However, the Games' overall £9.3 billion budget remains unchanged and the contingency remains sufficient to cover the remaining risks to the project.
A total of £394 million was agreed from the Olympic Funders Group contingency, the part of the budget designed to guard against risks outside the control of the Olympic Delivery Authority (ODA). Separately, £67 million has been released from the ODA's programme contingency.
Olympics Minister Tessa Jowell said: "The Village and media centres are absolutely essential to a successful London Games with a real lasting legacy. With private sector funding now much more difficult to secure because of the global economic downturn, it is right that we take steps to safeguard these projects.
"The extra funds we have allocated today come from existing contingency funds within the overall £9.3 billion budget.
"Lower than anticipated construction inflation and good progress across the project has reduced risks, meaning that the overall budget is unchanged and enough contingency funds remain. We are determined to deliver the games within budget."
(JM/BMcC)