(ATR) Russia’s development bank, the VEB, has asked for the federal government to cover losses related to Sochi Olympic construction—as much as $5 billion.
A report in the Kommersant says Prime Minster Dmitry Medvedev told the finance ministry to include the losses in its 2015 budget, which will fund the government in 2016 and 2017.
VEB chairman Vladimir Dmitriev said nine borrowers were at risk of missing payments on construction. Included in that group are developers behind the Rosa Khutor and Gorki venues, the Olympic Village, the Sochi 2014 headquarters, and a group of hotels built for the Games.
A spokesperson for Olympic czar Dmitry Kozak told Kommersant, "We have a positive outlook on the future return on these facilities."
The liabilities were not disclosed, but the total shortfall VEB asked to cover was 175 billion rubles, a little over $5 billion. VEB funded 20 Olympic-related projects at a total cost of $9.3 billion.
Written by Ed Hula III
Homepage photo: Getty Images
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