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Europe

London granted loan to finance Olympic dreams

The European Investment Bank has approved a 284-million-euro loan for the London 2012 organizers to help fund the construction of the Olympic Village.

Two silhoettes behind an Olympic flag

The credit crunch has hit London's Olympic organization

The EIB said the 284-million euro ($376-million) loan was requested in February. The Olympic Delivery Authority said that the EIB has long been identified as a potential funding source for the affordable housing elements of the Village, as part of a private-sector-led banking consortium.

The loan can only be spent on building about 1,300 of the 3,000 housing units on the East London development that will be turned into affordable housing after the games.

The Olympic Delivery Authority has been struggling to raise private-sector funding for the village and will decide in the coming months whether to accept the loan.

The Olympic Village and the International Broadcast and Media Centre have both had their funding suffocated by the worsening credit crunch, with developers failing to attract private investment to cover their share of the costs.

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