September 9 - Olympic Solidarity has decided to take advantage of the bumper increase in television revenues generated by the International Olympic Commission (IOC) in the 2009-2012 Olympic quadrennium to establish a $200 million (£127 million/€151 million) reserve.
Sheikh Ahmad Al-Fahad Al-Sabah, chairman of the Olympic Solidarity Commission and President of the Association of National Olympic Committees (ANOC), justified the move to IOC members gathered here today by saying: "Nobody knows what will happen in the next four years."
Olympic Solidarity manages the share of IOC broadcasting income belonging to the National Olympic Committees (NOCs) and redistributes these funds via a variety of programmes.
The rate of growth of the IOC's overall broadcasting income will slow markedly in 2013-2016 after the jump registered in the previous quadrennium.
Sheikh Ahmad told IOC members that the development and assistance budget approved by the Olympic Solidarity Commission for the 2013-2016 quadrennial plan totalled $438 million (£279 million/€330 million).
This represents an increase of around 40 per cent from the previous quadrennial plan.