PARIS, June 23 (Xinhua) -- Paris became the fourth city having confirmed to bid for the 2024 Olympic and Paralympic Games after an official announcement here on Tuesday.
Rome, Boston and Hamburg have already declared their candidacies to stage the 2024 Games, while Budapest is also expected to enter the running.
The French capital, which last hosted the Olympics in 1924, narrowly missed out to London for staging the 2012 Games, following failed bids for the 2008 and 1992 editions respectively to Barcelona and Beijing.
Bernard Lapasset, the head of World Rugby, has been appointed to lead the campaign.
"Paris is delighted to officially confirm its bid for the 2024 Olympic and Paralympic Games - an important first milestone as our host city campaign journey commences," he said in an official statement.
"We believe that this bid and our goal to host the 2024 Games will excite, unite and enthuse the people of Paris, our entire nation and lovers of Olympic and Paralympic sport all over the world," added the chairman of Paris 2024.
According to the project launched Tuesday, Paris' infrastructure budget for hosting the 2024 Games has been estimated at 3 billion euros, with operational costs of 3.2 billion euros.
The city's existing infrastructure would be at the heart of the project, including the Stade de France, a new cycling track on the outskirts of Paris, the Roland Garros tennis center and many Parisian landmarks like the Grand Palais and Champ de Mars.
Paris may need to build a new swimming pool, an Olympic village and a media center as required in main constructions if bidding for the Games.
Denis Masseglia, president of the French national Olympic committee (CNOSF), confirmed the bid would be planned in line with the International Olympic Committee (IOC)'s 2020 Olympic Agenda, which aims to deliver more flexible and less costly Games.
"In line with the IOC's Agenda 2020 strategy, Paris 2024 promises a feasible and flexible Games concept that will be an authentic reflection of the diverse and dynamic cultural, social, environmental and sporting traditions of our local communities, the city and the French people," said Masseglia.
The IOC will decide on the shorlist of the candidate cities in 2016, before select the host city in summer 2017.