Transcript of the beginning of the meeting:

Vladimir Putin: Mr President, ladies and gentlemen,

I'm very pleased to see you in Sochi once again. You have a very important meeting today to review the Olympic Games in Vancouver. I also hope you will have time to see how our work is proceeding in Sochi.

As I'm sure you know, work is underway on 72 facilities, employing 19,000 people and involving 2,500 pieces of machinery. By the end of the year the number of workers will reach 35,000. Thirty-four facilities are to be completed and commissioned this year.

We are using the Olympic Games as a powerful stimulus for developing the infrastructure of Russia's southern region.

Only 20% of the total cost [of the Olympic Games] pertains to Olympic venues, whereas 80% relate to the region's infrastructure, including roads and sewage systems, as well as water, energy and natural gas supply systems.

We are building a 320-kilometre gas pipeline along the bottom of the Black Sea. I hope that the region's energy supply system will also be substantially improved, because unfortunately we face power line breakages in the mountains every year.

In fact, today we will begin construction on a new facility: we are laying the foundation stone for the Olympic University. I hope that this will become a successful, important and necessary institution that will promote the Olympic values and train necessary specialists. The university will have the facilities to teach up to 500 students at a time. Naturally, we will develop the curriculum and make faculty decisions in close contact with you and with your direct participation.

We are very pleased to see you, and welcome!

Jacques Rogge (as translated): Mr Prime Minister, thank you very much for your warm welcome. I was truly pleased to see how much progress you have made during construction, which began with building the main airport terminal. I also noticed how much progress has been made in the construction of Olympic venues.

I'm looking forward to the inauguration ceremony marking the beginning of construction on the Olympic University, since I believe that this university is very important for the development of Russian sports. In addition, it will play an important role for international sports, because I know that representatives from over 200 world sporting organisations will study at it.

This university, alongside other Olympic venues, will become a good legacy for Sochi and the development of your country.

Vladimir Putin: Thank you.