VEB.RF Group Plans to Invest into Zavidovo Resort

15 june 2020 года
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Zavidovo Park LLC and State Development Corporation VEB.RF entered into an agreement of intent to finance the project “Integrated Development of Urban and Recreational Environment in Zavidovo Special Economic Area, Tver Region”. The agreement was signed by VEB.RF’s First Deputy Chairman and Member of the Management Board Nikolay Tsekhomsky and Vasta Discovery CEO Sergey Bachin (Vasta Discovery is a management company for a number of assets in Zavidovo).

In addition, a subsidiary of VEB.RF, InfraVEB, and Zavidovo park entered into a loan agreement to finance the design of new facilities of the Zavidovo resort.

Notwithstanding a difficult tourism market, the project's participants count on the recovery of the market and a stronger demand for domestic tourism. In May, InfraVEB started the disbursement to enable the development of design documentation.

The project “Integrated Development of Urban and Recreational Environment in Zavidovo Special Economic Area, Tver Region” is another step in the development of a large-scale tourism cluster on the shore of the Ivankovo Reservoir. The Zavidovo Resort is located in a special economic area of the Tver Region with preferential taxation to attract private investments in the development of an integrated all-season resort for families, international travellers and businesses. There are plans to use public funds to build main transport, utility and social infrastructure.

 “The development of tourism and recreational infrastructure is one of VEB.RF’s priorities. VEB.RF has already invested into Radisson Resort Zavidovo project, which comprises a hotel and an aparthotel. Planned VEB.RF’s approximate commitment to a new phase of construction of tourism facilities in Zavidovo is up to 28 billion roubles. The project will contribute to the development of tourism in the Tver Region and will have a positive impact on the region by increasing the level of employment inter alia,” VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said.

“Russia is seeing a growing demand for comprehensive large-scale tourism projects to create year-round facilities. The Zavidovo Resort is a successful project which brings together businesses, the government, and development institutions to attract tourists from two key cities: Moscow and Saint Petersburg. In the future, the Zavidovo Resort may attract international tourists who come to see Moscow or Saint Petersburg. We believe that the project will only become more successful. This is why the Russian Federal Agency for Tourism is taking an active part in the project by using existing measures of government support and developing new ones,” Head of the Russian Federal Agency for Tourism Zarina Doguzova said.

The project will build several infrastructural facilities. The riverside resort will feature a Mercure 4* hotel for 300 beds, two three stars hotels for 640 beds, and a three stars aparthotel for 440 beds. New hotels will occupy the whole waterfront of the Zavidovo Resort’s bay. The resort will feature a multifunctional congress centre with a business event hall.

Historically, the main attractions of Zavidovo are the Volga river, Zavidovo national forest park, the Ivankovo Reservoir’s comfortable beaches and yacht clubs. The project will also build an indoor family sports and water centre with pools, waterslides, and a tropical forest. The centre is designed based on innovative international practices of indoor recreational facilities.

 “Today, Zavidovo welcomes from 200 to 250 thousand tourists per year. We aim at increasing the traffic to 1 million guests per year. With VEB.RF’s support, we will complete the construction of the resort in four or five years,” CEO of Vasta Discovery Sergey Bachin said.

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Aleksandr Drozdenko and Igor Shuvalov Discuss Integrated Development of Kingisepp District, Leningrad Region

11 june 2020 года
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Leningrad Region Governor Aleksandr Drozdenko and VEB.RF’s Chairman Igor Shuvalov visited the Kingisepp municipal district. The participants visited the construction site of the Ethane-containing Gas Processing Plant (including the integrated gas processing and liquefaction plant operated by RusKhimAlliance), GTC Facility (operated by Baltic Chemical Complex), and the sea port of Ust-Luga, and learned about Kingisepp’s development projects, and a cross-border agglomeration Kingisepp - Ust-Luga - Ivangorod - Narva.

VEB.RF is involved in financing the construction of the ethane-containing gas processing plant. A bridge loan was approved to finance the early phase of the project.

RusKhimAlliance, Baltic Chemical Complex and VEB.RF opened a new area of cooperation: integrated development of Kingisepp’s District No. 7 to provide employees of RusKhimAlliance and Baltic Chemical Complex with accommodation. The project is to build modern accommodation and social infrastructure.

One of the options under consideration is to build up to 190 thousand square meters of housing for the families of more than 3,000 workers by 2022-2023. The plan includes the construction of a kindergarten for 468 kids and a school for 710 students. Employees will have an opportunity to lease apartments with a right to purchase. VEB.RF is ready to organise project financing for the construction, and RusKhimAlliance and Baltic Chemical Complex are ready to subsidise lease payments for their employees.

Leningrad Region Governor Aleksandr Drozdenko said:

“The construction of a large-scale ethane-containing gas processing and liquefied natural gas facilities next to the sea port of Ust-Luga has been scheduled. The investment is aimed not only at the development of production facilities. The investment is aimed at the comprehensive development of the region. This major project will create around 5,000 jobs, and bring about social infrastructure and housing.”

VEB.RF Chairman Igor Shuvalov said:

“Ust-Luga’s Ethane-containing Gas Processing Plant is an example of a project with a multiplying effect for the economy of the country as a whole. It is important that the project will bring about not only a state-of-the-art production facility with export content. The project will result in comprehensive development of several neighbouring towns. Benefiting from proactive support from the Administration of the Leningrad Region, the project will give an impetus to the development of Kingisepp by creating housing, state-of-the-art urban infrastructure, a favourable environment for small- and medium-sized businesses. The project will give thousands of people a new quality of life. VEB.RF supports this kind of projects, and we are considering expanding our cooperation.”

VEB.RF is investigating a project to develop port and industrial infrastructure of Ust-Luga with eventual transfer of the Bolshoi Port Saint Petersburg’s facilities to Ust-Luga including reclamation of disturbed land and redevelopment. The project may include a logistics megahub with maritime, transport and railroad infrastructure.

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