Sberbank and Deutsche Bank are set to invest billions of dollars in projects for the 2014 Winter Olympics in the Black Sea city of Sochi, the Russian state-run savings bank's CEO said on Saturday, RIA Novosti reports.

German Gref, Sberbank CEO, signed a memorandum of understanding with a representative from Germany's Deutsche Bank at an international economic forum in St. Petersburg. The document will lay the foundation for cooperation in funding of Olympic projects in Sochi.

"We are considering a number of projects, mostly in the real estate sector. As soon as the government has built infrastructure at Krasnaya Polyana, [a ski resort near Sochi], our funding will hit billions of dollars," German Gref said on the sidelines of the economic forum.