URGENT: Russia's VEB approves $1.3 bln to finance Olympic projects

ST. PETERSBURG, June 7 (RIA Novosti) - The Russian national development bank Vnesheconombank (VEB) has approved 40 billion rubles ($1.3 billion) in financing for construction projects for the 2014 Sochi Winter Olympics, a senior bank official said on Sunday.

In particular, VEB intends to invest about 5 billion rubles ($161 million) in the project of the Sochi airport, which was earlier financed by Sberbank, said Anatoly Ballo, VEB deputy board chairman.