Olympics written question – answered at on 28 April 2009.
Pete Wishart
Shadow Spokesperson (Culture, Media and Sport), Shadow Spokesperson (Home Affairs), Shadow Spokesperson (International Development), Shadow Spokesperson (Justice)
To ask the Minister for the Olympics
(1) what interest rate is attached to the £225 million European Investment Bank loan being considered by the Government in respect of funding for the 2012 Olympic athletes' village;
(2) whether a loan from the European Investment Bank for the funding of the 2012 Olympics would need to be underwritten by the Government.
Tessa Jowell
Minister of State (Cabinet Office) (Olympics and Paymaster General)
The European Investment Bank (EIB) has given in-principle agreement to a loan in two parts. Part of that loan would assist with the financing of the social housing arising from the Olympic village; the other part would assist with the financing of the whole Olympic village.
European Investment Bank loans are among a number of options being considered to fund the delivery of the Olympic village.
The terms and conditions for any loan are yet to be agreed in full.
Once a final decision has been taken about the funding of the Olympic village I will make a statement to the House.
Yes1 person thinks so
No1 person thinks not
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