The 2010 Winter Olympic Games organizers Sunday got approval to borrow about 360 million U.S. dollars to complete the athletes village for the Games in Vancouver.
An estimated 368 million dollars is needed to finish the project which will home some 2,800 Olympic athletes and officials during the Games.
The project was supposed to have been funded by a private developer who planned to sell most of the units after the Winter Games as luxury condominiums.
Lenders led by U.S. hedge fund Fortress Investment Group cut off money to the developer last year midway through construction over concerns about cost overruns and the weak economy.
The city, which has already given the developer an emergency 80 million loan to keep work going, is financially responsible because of agreements it made with lenders and Olympic organizers the housing would be ready on time.
The Winter Games will be held in February 2010.
(Xinhua News Agency January 19, 2009)
