Rio Organizers $200M Short Of Target Tokyo '20 Sponsorship Headed For Record Olympic Notes Russia To Replace Imports For World Cup IOC Launches Whistleblower's Hotline Paris City Council Supports 2024 Bid Russia World Cup Organizers Cut Costs 2016 Olympic Events To End After Midnight AOC Backs Study For 2028 Olympic Bid Flamengo Receives $1.2M For Facility Usage
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
Upcoming Conferences and Events
SBD Global/November 8, 2013/Olympics
Russian Government Looks To Support Sochi Investors And Avoid Loan Defaults
Published November 8, 2013
GOVERNMENT ON THE HOOK: Most of the loans for Olympic projects were extended by state-run Vneshekonombank. Of the total of 241B rubles ($7.45B) in loans, 165B rubles ($5.1B) have government guarantees. That means if the investors default on their loans to Vneshekonombank, the government will have to compensate the bank’s losses from the federal budget -- a prospect that the government apparently wants to avoid. Among investors in Sochi Olympics projects are Vladimir Potanin’s Interross and Oleg Deripaska’s BasEl. Both companies declined to comment.
Vladimir Kozlov is a writer in Moscow.