In 2009, Rosa Khutor intends to invest $200-250 mln in this project. The funds will be allocated for the construction of pistes and building of a station at the base level. It is also envisaged to allocate additional $50 mln in case Vnesheconombank (VEB) provides a loan. Earlier VEBs supervisory council approved a 15 year $750 mln credit to Rosa Khutor.
So far we have been financing the construction of facilities from our own funds without using the credit line. However in the nearest future we plan to spend the first $50 mln tranche, said V. Potanin.
Besides, the construction costs for Olympic facilities will hardly be revised, as even cheaper construction materials do not provide for any serious reduction in project cost. Mr Potanin expects a 15% saving this year.
Speaking on the situation with land plots for construction of Olympic facilities, Mr Potanin said: this is a vexing incident. To date the situation has been normalized, amicable settlement agreements with the Ministry for property relations are being approved in courts. We hope to complete these procedures in the nearest future and expect that it will not prevent VEB from providing us with the credit line.
Mr. Potanin stressed that the construction of Rosa Khutor resort is ahead of schedule. Currently works are carried out at the baseline station of the complex. Works at the upper level station, suspended for winter season due to heavy snow falls, will restart in a month. However the traditional slack season was used to continue project planning. Olympic facilities are being build by our company ahead of schedule, approved by IOC, concluded Vladimir Potanin.