OREANDA-NEWS  On 22 September was announced, that within the framework of the VIIth International Investment Forum “Sochi-2008”, the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the Limited Liability Company “Ski Resort Development Company “Rosa Khutor” signed the Agreement on the Principal Terms and Conditions of the Financing of the Rosa Khutor Ski Resort Construction and Operation Project.

According to the signed Agreement, the parties have agreed to undertake joint actions to provide financing for the project: Vnesheconombank intends to provide credit facility of up to USD 750 million for the term of 15 years, and LLC “Rosa Khutor” will finance the remaining investment using its own capital.

The project involves the development of a unique resort with comprehensive sporting facilities and tourist attractions in the neighbourhood of Krasnaya Polyana.  The resort will be one of the flagship sites for the Winter Olympics in 2014. The project has a national importance and is being implemented based on the Public Private Partnership principles within the framework of the Federal Programme on Olympic Projects Construction and Development of the City of Sochi as Alpine Climatic Resort. The total project cost is estimated at approximately USD 1,375 million.