Olympics minister Tessa Jowell has been asked to disclose details of a loan application worth £225m, which has been lodged with the European Investment Bank (EIB) to help pay for the 2012 athletes' village.

The shadow Olympics minister, Hugh Robertson, requested that Jowell reveal the terms of the application, which was lodged with the EIB in February and approved on 7 April, as well as the likely effect it will have on the total cost of hosting the Games in three years time. According to Jowell, the EIB loan has been approved in principle and will be split in two parts, with part of it set to help meet the costs of building the new Olympic Village, while the rest will go towards social housing.

Jowell said: "Once a decision has been taken about how much of that loan facility will be taken up and applied to those two projects, I will make a statement to the House [of Commons]." It was also confirmed that the estimated public expenditure on the 2012 Olympics remains within a £9.3bn package announced by Jowell in March 2007, although organisers have struggled to find private sector funding due to the current economic climate.