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. Last Updated: 07/27/2016

Potanin Earmarks $2Bln for Games

SOCHI — Vladimir Potanin, co-owner of Norilsk Nickel, plans to invest $2 billion in projects related to the 2014 Winter Olympics in Sochi, he said Friday.

Potanin said he was seeking to borrow another $250 million after securing a $750 million credit line from state bank VEB, while his Interros group would supply the remaining $1 billion from its own coffers.

“We will split the investment equally between our own means and loans, so we plan to borrow about another $250 million from banks on commercial terms,” Potanin said on the sidelines of an investment forum in Sochi.

Russia expects Olympic construction projects to require a total investment in excess of 200 billion rubles ($6.6 billion).

The state has earmarked 104 billion rubles for the games and expects private investors to make up the remainder.