The head of Madrid’s Housing and Economy Office, Percival Manglano, confirmed Aug. 2 that World Youth Day is expected to bring $143 million into the Spanish economy.
During a debate on the event at the Madrid regional government, Manglano said the arrival of thousands of young Catholics would bring a breath of fresh air to the Spanish economy. He rebuffed critics who claim the event will cost the Spanish government millions of dollars.
“(World Youth Day) is a meeting between the Pope and the young people of the world,” he said.
The event's financial director, Fernando Gimenez Barriocanal, said World Youth Day is being financed in large measure by private funds. He added that the government will not be directly contributing financially.
Expenses for the use of public areas will be covered by World Youth Day.
In addition to donations from hundreds of sponsors, the event is also being financed by the registration fees paid by those who attend, he added.