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12 Jan, 2009 16:06

VTB loans $US 328 million to Sochi 2014 Olympics

VTB loans $US 328 million to Sochi 2014 Olympics

VTB has opened a credit line of 10 billion roubles ($US 328 million) for the Olympic infrastructure building project. The credit will be extended for a maximum of two years.

“The money will be used for the acquisition of special equipment for construction in the mountains, and other technical units necessary for the building of a combined highway and a railway from the city of Adler to the bottom station of a mountain resort ‘the Rosa Hutor,” according to a press release from the bank.

The transport system is 55 km (33 miles) long, and it includes 33 new bridges, along with 12 new tunnels totalling 26 km in length.

Rough estimates say the total cost of the project will be 466 billion roubles ($US 15 billion). According to the requirements of the International Olympic Committee, it must be put into operation not later than the third quarter of 2013.

Russian Railways are controlling the project.