Mexico City, Mexico - Mexico will spend some 4.5 billion Mexican pesos ($366 million) in organizing the "24th Central American and Caribbean Games Veracruz 2014," the organizing committee announced.

Dionisio Perez Jacome, director of the organizing committee, said at a press conference in Mexico City last Thursday that this amount will go mainly towards improving sports infrastructure and reshuffling installations.

Perez Jacome said the aim is to organize the most "splendid and successful" Central American and Caribbean Games in its history. The event, to be held in the eastern Mexican state of Veracruz, is expected to attract 5,300 athletes from 31 countries.

"This year, the works for building the athletics stadium, the skating track, and the velodrome, as well as reshuffling eight sports facilities, have already begun and are advancing," stressed the organizing committee director.

This will be the fourth time Mexico will have hosted the Central American and Caribbean Games. The first regional games celebrated in 1926 were in Mexico City, and in 1954 and 1990 the country also hosted this sporting event.