Transcript of the beginning of the meeting:

Vladimir Putin: Mr Gref, I know that you have seen the Olympic facilities whose construction Sberbank is financing. Can you share your views and the bank’s independent financial assessment of the progress? How many projects are you financing?

German Gref: We are financing about a dozen facilities – large ones – in Greater Sochi. We are also building two large facilities – the Gorki Gorod mountain ski resort and a ski jump hill at Krasnaya Polyana – along with the local administration and private investors. I have inspected all of the facilities we are financing and, I must say, I’m impressed. We see that this year will be a turning point, when we will start building the hotel infrastructure and the key Olympic facilities. Of course, every project is closely connected with the infrastructure. I have also inspected everything Russian Railways is building there (we are financing its projects, too); these are large projects. I think Russian Railways has organised the construction process very well.

We are building two ski jump hills, which will be unique facilities. Our Austrian contractors have told me that there is nothing like them anywhere in the world, because ski jump slopes are usually built on flat ground, whereas the ones near Sochi will be inclined at a 45° angle. The terrain is so complicated there that we had to drive in a thousand support posts to a depth of 33 to 40 metres.

This is not technically simple, but what I have seen there, the progress made… The assembly of the ski jump hill’s upper section will be completed within a week, and then we will work on the landing zone. Of course, these projects involve complicated technology. As our experts, the Austrians, say, this is the most complicated project of the Games.

Vladimir Putin: And the most beautiful one.

German Gref: Yes, it will be the most beautiful one. It will be assembled at a height of about 50 metres, which is really impressive. And this is the landing zone (Shows photographs). In principle, we have no doubts about that project. I think we will complete it by late 2011; it will be ready to use.

Vladimir Putin: By the end of the year, you said?

German Gref: Yes. This is the landing zone… And this is where we will drive in the supports, both horizontal and vertical ones, because the terrain is very difficult. Unfortunately, there is rock 20 metres down.

Vladimir Putin: I see. Mr Gref, I asked you to consider financing several projects in Belarus.I know that your experts have analysed these possibilities. So, what’s the conclusion?

German Gref: We have decided to issue a $2 billion loan to Belaruskali, one of the largest Belarusian enterprises, jointly with Deutsche Bank. Though this is a difficult time for Belarus, yet we consider the loan to be safe.

Vladimir Putin: Is the pledge good?

German Gref: Yes, they have offered their export contracts as surety; the company exports 90% of its output. In addition, we will take over 35% of its shares in pledge. We are doing this jointly with our foreign partners in accordance with international standards. The loan will help the Belarusian economy overcome the crisis at this difficult time.

Vladimir Putin: Good.