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VTB finances Olympic facilities construction

5 March 2009

Аcting within the Program of constructing Olympic facilities and developing the City of Sochi, a mountain climate resort, VTB Bank has opened a credit line of RUB 10 billion to JSC USK MOST for a two-year period. The credit will be disbursed in 10 tranches; the first four tranches totaling RUB 7.8 billion have already been provided.   

The funds were channeled into purchasing tunneling equipment and other materials manufactured in Russia and abroad. They will be used for construction of combined highways and railways form Adler to the lower station of Rosa Khutor ski resort.  

This 55 kilometers transport system implies building of 33 bridges and 12 tunnels 26 kilometers long. According to preliminary estimates, total value of the project is RUB 466 billion. Completion date in compliance with the International Olympic Committee should not be later than 3Q 2013.  Under the Russian Government instruction, JSC Russian Railways is in charge of the project.       

For reference:
JSC USK MOST is a leading Russian enterprise in construction industry. It was established in 1991 and started from repairing the Trans-Baikal railway. Nowadays, the company is engaged in construction and rebuilding of railways and highways, big and small bridges, tunnels, sea ports and terminals, hydraulic facilities, air strips, residential buildings and offices.       

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