Interros Holding to invest 69 bln rubles in construction of Olympic facilities and infrastructure - Potanin
SOCHI. Feb 13 (Interfax) - Interros Holding plans to invest 69 billion rubles in the development of 18 facilities and their necessary infrastructure for the 2014 Olympics in Sochi, the holding's president, Vladimir Potanin, told journalists in Sochi.
He said: "The entire construction project for the Olympic facilities should come to around 69 billion rubles. This includes a small village, chairlift services, and the enter infrastructure."
He added that "Around one fourth of the funds have already been used and are still in use."
The project is being partially financed with Interros' own funds along with a loan facility from Vnesheconombank. "In this sense, [the project] is very much a clear example of a successful public-private partnership," Potanin said.
Potanin added that he believes the creation of a special economic zone in the North Caucasus would be feasible.
He added that this would be profitable for resort investors after 2014. "Since the financial side of resort development isn't simple, the period of return is long and complex," Potanin said.
Around 40 kilometers of ski track have already been built at the Rosa Khutor ski resort. "By 2013 there will be 80 kilometers of ski track," Potanin said.
The Rosa Khutor Resort will host 30 medal competitions in 15 sport categories (skiing, snowboarding, free style) at the 2014 Olympics in Sochi. Interros is financing the facility's construction, which should be completed by mid-2013.
Following the construction, the resort will have 18 chairlifts and around 80 kilometers in ski track. The tracks will be located between 575 and 2,320 meters above sealevel (average height at 1,745 meters). The complex will be able to provide services to 10,500 people a day.