BasEl, Interros to get state aid for Olympic projects - source
MOSCOW. Jan 23 (Interfax) - Oleg Deripaska's BasEl group and Vladimir Potanin's Interros Holding Company can count on state aid for Olympic projects in the form of a zero property tax and changes to the conditions of loans from state lender VEB.
These decisions were made at a meeting with Deputy Prime Minister Dmitry Kozak on the implementation of projects for the Sochi Olympics that were financed with loans from VEB, a source familiar with the results of the meeting told Interfax.
Deripaska and Potanin attended the January 16 meeting. Interros built the Rosa Khutor ski resort as part of an Olympic project, while BasEl built port infrastructure and the Olympic village, among other projects.
In order to receive support, investors must sign debt restructuring agreements with VEB by April 1.
VEB provided 15.5 billion rubles in financing for the 300,000-square-meter Olympic village, which cost a total of about 24 billion rubles and was carried out by RogSibAl. VEB also provided 3.7 billion rubles for the Sochi Imeretinsky Port project, which cost 6 billion rubles.
VEB provided about 55 billion rubles in financing for Interros's Olympic projects, which cost about 70 billion rubles.