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The European Investment Bank, set up as a development arm of the European Union, has approved a request for a £225m loan toward the scheme - which may yet require another £400m in direct government support unless financial conditions improve.
The government had hoped that the private sector would raise the bulk of the £1bn needed to build the Olympic Village, made up of about 3,000 athletes flats in Stratford. But funding has dried up in the wake of the credit crunch and collapse in property values. About half the flats will be converted into social housing after the games.
The government had hoped that the private sector would raise the bulk of the £1bn needed to build the Olympic Village, made up of about 3,000 athletes flats in Stratford. But funding has dried up in the wake of the credit crunch and collapse in property values. About half the flats will be converted into social housing after the games.
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