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Vnesheconombank Finances Yaroslavl Region’s Golden Ring Resort Project

With Vnesheconombank’s support, the Yaroslavl Region will have a new resort. The 30-hectare resort comprises 353 rooms of two hotels, 26 chalets, a spa and sports facilities. The resort will be managed by a professional hotel operator. For example, Azimut Hotels is among potential operators.

“As a development institution, Vnesheconombank focuses its efforts, among other things, on support for the most important investment projects affecting regional economic growth. We proactively search for the most promising projects, use best practices for comprehensive risk assessment and adaptable business models. The project financing factory opens up very many new opportunities to implement major projects involving long and relatively inexpensive borrowings. As a result, the portfolios of Vnesheconombank and other members of the factory, including Russia’s largest banks, will consist of more high-quality projects, while Russian regions will receive additional resources for development,” Vnesheconombank’s Chairman Sergey Gorkov said.

VEB Capital CEO Anton Perin said: “The new resort is a unique project that will raise awareness about the region and attract new guests by offering them up-to-date options of hotel accommodation and unique conference facilities. In addition, it is worth noting that the project has an important social role and creates over 200 jobs for local residents.”

The resort has a fully furnished and equipped modern conference hall. With a seating capacity of up to 200, the multi-purpose conference hall can provide additional rooms for one-on-one meetings. The Golden Ring Resort project received the Quality Architecture Award in 2011 and won the Green Project Prize 2011.

In parallel with the presentation of the new resort, there was a meeting of the mayors of the cities of the Golden Ring of Russia, discussing the promotion of the Golden Ring tourist route.

Dmitry Stepanenko, Chairman of the Yaroslavl Region Government, said: “The resort will fundamentally change the Pereslavl-Zalessky tourism market, increase the tourist flow and become a unique venue for business and entertainment events at regional and national level.”

It is intended that the resort will open its doors in the second half of 2018.

Investment Company of Vnesheconombank (VEB Capital) is a wholly owned subsidiary of Vnesheconombank. Approved by the Supervisory Board of the Company in December 2014, the concept of VEB Capital’s operations specifies the following core activities of VEB Capital: management of Vnesheconombank’s distressed assets; management of Vnesheconombank Group’s non-core assets in order to increase their market value; provision of a wide range of services such as advice and due diligence support for third-party asset management, development and disposal, including organising the sale of public property through privatisation.


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