Paris Mayor Anne Hidalgo, pictured, met with IOC President Thomas Bach in Paris today, while the pair also spoke to Solideo's Board of Directors regarding a rise in the Games budget ©Getty Images

Solideo, the company responsible for completing building works for the Paris 2024 Olympics, has announced it is looking at an additional cost of €150 million (£130 million/$158 million) due to the rise in prices in construction and raw materials and the disorganisation of supply chains.

Mayor of Paris and Solideo President Anne Hidalgo met with the organisation’s Board of Directors alongside International Olympic Committee (IOC) President Thomas Bach, who was visiting the French capital.

Solideo had previously increased its budget in July 2021 due to inflation.

Despite the financial challenges, Solideo general manager Nicolas Ferrand said the company was confident of delivering the Games on time and on budget, as reported by Agence France Presse.

"We will be well able to deliver the works on time, within the fixed costs and within the strong ambitions that we have determined," he said.

Ferrand added that: "The additional funding voted today by the Board of Directors only responds to the consequences of the war in Ukraine and the COVID crisis in China."

Factoring in the additional costs, Solideo’s budget now stands at €4.4 billion (£3.8 billion/$4.6 billion), including €1.7 billion (£1.4 billion/$1.8 billion) of public funding.

Also today as part of his trip to Paris Bach held a meeting with Hidalgo at Hôtel de Ville.

Bach was accompanied in the meeting by the President of Paris 2024 Tony Estanguet, the IOC’s Olympic Games executive director Christophe Dubi and the IOC’s director general Christophe De Kepper, as reported by L’Equipe.

Among the topics discussed were the privatisation of the RATP Group, a state-owned public transport operator in France.

The issue of security was also covered, with Hidalgo saying that the authorities would collaborate together adding that "the good coordination in the work of securing the Games makes the actors confident to meet the challenges, in particular on the Opening Ceremony."

As part of his visit Bach also met Bernard Arnault, President of Louis Vuitton, alongside Estanguet, as reported by AFP.

Sources said talks on the fashion company joining the category of premium sponsors for Paris 2024 were "progressing positively."