The figure was unveiled by Chilean Sports Minister and President Santagio 2023, Cecilia Perez, during a visit to the National Stadium, where the venue and infrastructure plan was also announced. 

Perez claimed that of the proposed budget, $170 million (£130 million/€153 million) of that figure will be invested on construction, adaptation and improvement of sports venues. 

The amount budgeted, while a long short of the $1.2 billion (£919 million/€1.1 billion) Peru spent on preparing for last year's Pan American and Parapan Games, is still a 153 per cent increase on the $200 million (£153 million/€180 million) figure announced in 2017 when Santiago were awarded the event following the withdrawal of its only rival, Buenos Aires. 

That amount was readjusted in mid-2018 to up to $400 million (£306 million/€360 million) before the publication of this new budget. 

It is planned that Santiago 2023 will be held between 11 municipalities in the Metropolitan Region, and five in the Valparaíso Region.

The event, being staged in Chile for the first time in the Pan American Games' history, will feature 10 new venues, and the refurbishment of another six. 

Nearly 7,000 athletes are expected to take part in the Games scheduled to take place from October 20 to November 5.

In Santiago, the focus will be on the "Pan American Passage", due to run from the Pan American Village in Cerrillos, through the O’Higgins Park and the National Stadium Sports Park, to the Peñalolen Sports Park. 

The entire pass will utilise an urban planning system that includes sports venues, highways, roads and transportation, it is promised.

The Ministry of Sports will oversee the project and Ernesto Urdangarín, its head of infrastructure, is confident the figures quoted can be achieved.

"We have done a lot arduous work during two years in planning, ordering and understanding the systems," he said.

"The realisation of the Pan American Games is complex, and we have learned from other experiences to develop enclosures that are sustained over time."

Hosting the 2023 Pan American and Parapan Games has designated of national importance following a period of public disorder caused in October by an increase in metro fares which it was claimed hurt lower-income Chileans who rely on the system to get from Santiago’s outskirts to jobs in the city centre.

Santiago was initially awarded the right to host the 1975 and later 1987 Pan American Games, but withdrew as host both times due to financial and political problems.

Peace has largely returned to the capital since October now but underlying tension remains. 

"This plan, which the [Santiago 2023] Corporation worked on throughout 2019, defines a very demanding path of work that our country must rise to the challenge and to live up to this goal," the Organising Committee's executive director Felipe de Pablo said.