18 October 2008

effects of global financial crisis on Singapore sports funding

Local sports scene not to be affected by economic slowdown@CNA

The Singapore Government has committed S$800 million into developing sports here, investing S$500 million between 2001 and 2005, and the remaining S$300 million from 2005 to 2010.

The Government expects the local sports industry — worth S$796 million in 2005 — to contribute S$2 billion of the GDP and provide 20,000 jobs by 2015.

However, the global financial crisis has raised concerns that sports funding may be cut. Last week, it was reported that the completion date of the S$1.87 billion Sports Hub at Kallang is expected to be delayed to 2012 as a result of the crisis.

Funding to the 60 National Sports Associations (NSA) for the current fiscal year — S$32.4 million, up from S$31.9 million in 2007 — and national athletes is unlikely to be affected too.

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