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SBD Global/February 5, 2014/Olympics
Russian Government Decrees That Sochi Investors Won't Have To Pay Loans Until '15
Published February 5, 2014
NOT FAR ENOUGH: The investors welcomed the decision, but said that the measure is not going to be sufficient. A Basic Elements spokesperson told SBD Global, “As investors, we are interested in restructuring of Vnesheconombank loans and welcome the extension of the repayment date to late 2015. However, we believe that just extensions on loan repayments are not sufficient. In addition to that, a program of subsidizing interest rates on all Vnesheconombank loans over the entire loan period should be adopted.” He added that tax privileges on the operation of Olympic venues should also be introduced. Vnesheconombank extended 241 billion rubles ($6.8B) in loans to Sochi investors. In addition to sports venues, huge investments were made in the transport and hotel infrastructure.
Vladimir Kozlov is a writer in Moscow.