Oslo withdrew its bid for the 2022 Winter Olympic Games after the Norwegian government rejected financial backing for the project.
Norway's decision Wednesday leaves Beijing and Almaty of Kazakhstan as the only two candidates for the 2022 Winter Olympics, reports Xinhua.
Oslo is the fourth city to pull out of the bidding process after the overall price tag of 2014 Winter Olympic Games in Sochi was put at $51 billion. Stockholm of Sweden, Krakow of Poland and Lviv of Ukraine withdrew their bids in recent months.
Norwegian Prime Minister Erna Solberg said there was not enough support to spend 35 billion kroner ($5.4 billion) on the Olympics.
"It's important to get broad support for such an expensive project and there is not enough to carry through such an expensive project," the prime minister said to Norwegian NRK television.
The International Olympic Committee (IOC) expressed its regret at Oslo's withdraw from the bidding race.
IOC executive director Christophe Dubi described Norway's decision as a "missed opportunity" for the city and country. He said Norway would miss out on $880 million in sponsorship and television revenues that the IOC will provide to the 2022 host city.
The IOC will select the 2022 host city July 31, 2015, in Kuala Lumpur, Malaysia.
