State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Parliament of the Karachayevo-Cherkessia Republic, the Expert Council under the Russian Economic Development Ministry on Preparing the Project to Create a Tourist Cluster in the North-Caucasian Federal District, the Krasnodar Region and the Republic of Adygeya, and the Sinara Group (CJSC) signed, in the presence of Presidential Envoy to the North-Caucasian Federal District Alexandr Khloponin, a Memorandum on High-Priority Measures for Implementing the Arkhyz All-Season Mountain Resort – a pilot project as part of creating a tourist cluster in the North-Caucasian Federal District, the Krasnodar region and the Republic of Adygeya (the Vysota 5642 Project).

Under the Memorandum the Parliament of the Karachayevo-Cherkessia Republic intends to coordinate efforts by federal, regional and local authorities as well as be responsible for territorial planning required for implementing the Project, reserve plots of land owned federally by the constituent entity and needed for implementing the Project and lease them out on a long-term basis to investors. Moreover, under the Federal Target Program ‘South of Russia (2008-20120)’ Parliament is also to be responsible for ensuring prompt financing of the construction of the Arkhyz All-Season Mountain Resort’s external utility infrastructure facilities  using republican budgetary funds and their commissioning  by way of applying public private partnership mechanisms.

On the basis of information on the Project provided by the Sinara Group, Vnesheconombank plans to consider the possibility of financing the Arkhyz Mountain Resort in so far as it relates to the development of mountain-ski infrastructure, internal utility infrastructure and hotel infrastructure of the Arkhyz Resort’s first start-up complex.

Under the Memorandum signed the Sinara Group is to register rights for plots of land to build mountain ski infrastructure of the Project, complete design and survey work, take part in the construction and help to engage private investors for building hotel infrastructure and related service sector.

The Expert Council under the Economic Development Ministry on Preparing the Project to Create a Tourist Cluster in the North-Caucasian Federal District, the Krasnodar Region and the Republic of Adygeya is planning to offer a legislative initiative on incorporating the Arkhyz Mountain Resort in the special economic zone of tourist and recreational type.

The Memorandum’s implementation would help to facilitate the development of a modern tourist industry in the Karachayevo-Cherkessia Republic, create new jobs and boost the region’s investment appeal.

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
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E-mail: press@veb.ru