The Madrid 2020 bid committee addressed financial concerns about the city's candidacy in a presentation here Thursday before the International Olympic Committee, saying that its budget is "fully guaranteed."

Spain secretary of state for trade, Jaime Garcia Legaz, who described himself as "an economist and an optimist," was a featured speaker in the presentation.

"The Spanish economy's fundamentals are solid," Garcia Legaz said at the IOC gathering in St. Petersburg.

All projections point to Spain, which is currently in recession, "growing over the next five years," he added.

Referring to the Madrid 2020 infrastructure budget, which amounts to roughly 1.5 billion euros (just under $2 billion), the official said it was "among the lowest in Olympic history."

Garcia Legaz referred to studies that showed that a successful Madrid Olympic bid would mean roughly $5 billion in revenue for the city, create 75,000 direct jobs and attract an additional 800,000 tourists.

Alejandro Blanco, president of Madrid 2020, said Madrid did not view its unsuccessful bids in 2012 and 2016 "as a defeat" because the city "gained a lot."

"They gave us this chance to present an even better plan now. We think this is the time to show the world the investments we've made. Madrid 2020 is not a candidacy of promises or dreams because we've already built" the infrastructure, Blanco said.

The Madrid 2020 presentation concluded with two videos, one showcasing the capital's sports facilities and another themed to the slogan "Illuminating the Future," in which athletes and ordinary citizens visit the city's emblematic sites and sports facilities as the sun rises above them.

The presentation ended with the phrase "Prepared to Shine" displayed on the screen. EFE