This is the amount of the Generalitat Valenciana investment for the 32nd America's Cup in Valencia, announced today by Francisco Camps, President of the Valencian Government.

The Cup is expected to have a major impact on the local economy, and according to statistics provided by the Valencia Cup 2007 consortium, over 10,000 new jobs will be created and generate €1,500 million for the region.

Apart from the economic aspects, the mere fact of being host city for such an important media event will provide long term benefits for Valencia for years to come, similar to what happened to Barcelona during the 1992 Olympics.

The America’s Cup Regatta 2003 in Auckland injected an extra NZ$529 million (about €290 million) into the New Zealand economy, according to an economic impact study released in December by America’s Cup Minister Trevor Mallard and Tourism Minister Mark Burton.