OREANDA-NEWS. April 21, 2009. Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and Limited Liability Company for the Development of Alpine Ski Resort Roza Khutor (LLC Roza Khutor) entered into an Agreement on opening a credit line worth 3.15 billion rubles for a period of 15 years.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of LLC Roza Khutor - by its General Director Sergei Trubin.

The credit line is the first tranche within Vnesheconombank approved limit worth 21 billion rubles to finance the investment project aimed at building and operating the Roza Khutor Alpine Ski Resort. This project is being implemented under the Program of Building Olympic Facilities and Developing the City of Sochi as a Mountain and Climate Resort approved by the Russian Government’s resolution.

For the most part, this project aims to build a unique year-round Alpine ski resort – one of the 2014 Winter Olympics main facilities. The facility’s infrastructure is to make it possible to hold all ten Alpine ski events included in the list of the Olympic Games as well as freestyle and snowboard competitions.

The Agreement was made within general approaches approved by Vnesheconombank’s Supervisory Board to financing Olympic facilities. The Bank for Development was assigned to be one of the main creditors responsible for financing the construction of Olympic facilities in the total amount of 120 billion rubles.