France has withdrawn its bid for Paris to host the 2025 World Expo citing financial risks as the country gears up to organize both the Olympics and Rugby World Cup.
The decision was revealed by the Journal du Dimanche newspaper on Sunday after Prime Minister Edouard Philippe announced it in a letter to organizers on Friday.
Philippe said the French bid for the event, which sees nations from around the world showcase their achievements, was being called off due to “adjustments in public finances” as the country seeks to slash its deficit.
France has not hosted a world expo since 1900, a year after a similar show saw Paris unveil its Eiffel Tower.
President Emmanuel Macron had previously given his backing to the plan, saying it would give France a chance to “contribute to new global ambitions”.
Three other countries remain in the running: Russia, which would host the event in the city of Yekaterinburg; Japan, bidding for the city of Osaka, and Azerbaijan, which would hold it in the capital Baku.
The successful host country will be announced on November 15.