France & Russia Reach Agreement to Invest in Sochi Venue Preps

An agreement has been reached between France and Russia to spend US$2.8bn to prepare ski venues in the Caucus region, diagnosis where Sochi is located, ahead of the 2014 Winter Olympic Games. 

The deal was announced yesterday, May 26, at the G8 summit in Deauville, France with a joint statement from Nicolas Sarkozy and Dmitry Medvedev, the French and Russian presidents

It was revealed that French state-run bank Caisse des Depots Consignations will finance the project working with North Caucus Resort Co. 

However, Akhmed Bialov Russian Olympic Committee vice president was quoted by Bloomberg saying: “It will be a quasi-state company,” adding “they are ready to invest money in these projects if there are guarantees of security and force majeure.”