Sberbank and Deutsche Bank to grant Belaruskali a loan of $2 billion.
"I know you've visited the Olympic facilities, which are funded by Sberbank. What can you say about the progress of the work?" Prime Minister Vladimir Putin immediately asked Sberbank CEO German Gref on his arrival to Putin's Sochi Riviera residence.
"We are funding about a dozen major projects in Greater Sochi," Gref began, showing Putin a number of photos. "We are also building the alpine resort Gorki City in Krasnaya Polyana together with the administration of the Krasnodar Territory and private investors, as well as two ski jumps. These are unique facilities. Our Austrian contractors have told me that no other country has them. Usually ski jumps are built on a flat surface, but here in Sochi they are at an angle of 45 degrees. The geological foundation is so complicated that builders had to put in a thousand piles to a depth of 33-40 metres. Our experts, and Austrian contractors say this is the most intricate facility in the Olympics."
"And the most beautiful one," Putin added.
"It will be the most beautiful," Gref agreed, looking at the photos. "This is the landing zone... I think this facility will be ready by the end of this year."
"The end of this year?" Putin specified.
"Yes," Gref said, still looking at the photos. "Here is the landing zone..."
"I see," Putin said and put the photo of the ski jump aside. "I've asked you to consider the possibility of funding several projects in Belarus. I know your experts have looked into this issue. What are the results?"
"Together with Deutsche Bank, we have decided to grant a loan of $2 billion to Belaruskali, one of the biggest industrial enterprises in Belarus," Gref reported. "For us it is a secure loan."
"The collateral is reliable?" Putin asked.
"The collateral is in the form of export contracts. The enterprise exports 90% of its production, plus we're taking 35% of its shares to secure the loan. We're acting in line with all international standards together with our Western partners. Of course, this loan will be very helpful to the Belarusian economy in overcoming the crisis.
"Good," Putin said.
...Despite his busy schedule, Putin found time to visit one of Sochi's clubs that hosted an international tournament in ultimate fighting. In a team contest, the fighters of the Russian school Sambo-70 routed the Brazilian team by a score of five to zero.
"In Russia we have always liked wrestling and fist fighting," Putin said, presenting the victorious team with the main prize. "I'd like to congratulate all sports fans and lovers of martial arts – Russia, St Petersburg, will host the world martial arts games in 2013. About 2,000 participants from 120 countries will take part in them. We'd be happy to see our guests who are present here today representing their countries at these games in 2013as well. But we'll be hoping for our athletes to win."
Alexander Gamov