After demolition of most of the old stadium, works are set to begin on the new structure. French construction giants Vinci will carry works worth some $750 million, TheMoscowTimes.com informs.

After long wait general contractor for Moscow's Dynamo stadium complex has been selected. French giants Vinci will erect the stadium with incorporated indoor arena and extensive sports and commercial infrastructure around.

The entire project is worth roughly $750 million (€575), of which $273m (€210m) is the cost of the stadium itself.

Demolition of the old stadium is nearly done and excavations for future foundation is under way. The construction itself should begin within weeks now and last until as late as 2017.

Investment will be partially underwritten by the French credit insurance company Coface, and in part financed by a loan from State bank VTB, a spokesman from Dynamo Management Company said. The size of the loan is not clear.