OREANDA-NEWS. April 25, 2011. Vnesheconombank is to provide credit resources to fund the construction of the Olympic Village in Sochi, said Vnesheconombank Chairman Vladimir Dmitriev.

He reminded journalists on Friday that a credit line worth about 2 billion rubles to fund this project had already been opened. The funds are intended for performing pre-project work.

“Besides the money we have already provided under the last year’s decision the total amount is 15.5 billion rubles and at our today’s Supervisory Board meeting we made a decision to allocate 3 billion rubles so that we could start full-scale financing after agreeing upon security documents”, said V. Dmitriev after Vnesheconombank’s Supervisory Board meeting on Friday.

According to him the credit is to be extended at a refinancing rate of plus 0.4-1.4%.