From 2014 Vnesheconombank (VEB )will be able to receive federal subsidies to cover losses that might occur in transactions with investors engaged in the construction of Olympic facilities in Sochi, according to the order of the Government of the Russian Federation, posted on Thursday in the bank of federal regulations and administrative acts, RIA Novosti reports.
Previously, experts have expressed doubts about the return of Olympic facilities. "The Russian Finance Ministry, when forming the federal budget for the year 2014, should provide budget allocations of the federal budget necessary for granting, on the basis of the proposals by Vnesheconombank agreed with the Russian Ministry of Regional Development," the order states .
VEB will receive grants in amounts that are not offset by income from the sale of property provided under collateral agreements to secure loans.
As reported by the head of the state corporation Vladimir Dmitriev, Vnesheconombank's investment in projects connected with the preparations for the 2014 Olympics in Sochi is about 90 billion rubles. In particular, last year VEB's Supervisory Board approved funding of about 17 Olympic projects.
