Investment forum in Sochi produces $22 billion in deals

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Investment forum in Sochi produces $22 billion in deals

Business contracts worth $22 billion were signed during an investment forum in Russia's Black Sea resort of Sochi, the acting economics minister said Saturday.

The Sixth International Investment Forum in Sochi, previously known as the Kuban economic forum, attracted about 10,000 Russian and foreign businessmen and was originally expected to generate $10 billion in deals.

"During the 6th International investment forum in Sochi, 169 agreements and memoranda worth 560 billion rubles or $22 billion were signed," German Gref told a news conference.

The forum has been focused on future investment in the development of Sochi's infrastructure up to 2020, and the construction of sports facilities in the city in preparation for the 2014 Winter Olympic Games.

Sochi won its bid to host the 2014 Winter Olympics in early July after a close race with South Korea's Pyeongchang and Austria's Salzburg.

Gref said investors have been secured for the construction of all objects of infrastructure that had been included in the 2014 Olympics preparation list.

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