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Vnesheconombank to Fund the Fist Star-tup Complex of the Arkhyz All-Season Mountain Resort

16 september 2011 года
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In the course of the 10th Sochi 2011 International Investment Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and LLC Arkhyz-1650 (it was founded by OJSC Arkhyz-Sinara and OJSC the North Caucasus Development Corporation) entered into a Credit Agreement worth 1.2 billion rubles.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Balloand and on behalf of LLC Arkhyz-1650 - by Director General Yury Starkov.

The funds are provided to fund expenses scheduled for a period of 2011-2012 on the construction of the first start-up complex of the Arkhyz all-season mountain resort in the Karachaevo-Cherkess Republic as part of creating a tourist cluster in the North Caucasus.

The project of the Arkhyz resort first start-up complex provides for constructing 14 kilometers of skiing tracks, 9 lifts, 11 hotels and internal engineering infrastructure facilities.

The total value of the project is 6.4 billion rubles. The limit established by the Bank is 5 billion rubles. The decision on the limit was taken by the Bank’s Supervisory Board in this July.

The Arkhyz project’s implementation is designed to develop advanced tourist industry in the Karachaevo-Cherkess Republic and boost the region’s investment appeal. By preliminary estimates tourist flow would exceed 500 thousand people per year, 10 thousand new jobs will be created.

The project aimed at building the Arkhyz world-class all-season mountain resort provides for building four tourist villages to accommodate 25 thousand people in the mountainous area in the Karachaevo-Cherkess Republic (the northern slopes of the Main Caucasian Range). The concept of the alpine ski complex provides for building advanced resort infrastructure for effective health and family recreation: thematic areas, active recreation zones, hotels, shopping malls, entertainment and services centers, public catering facilities. Skiing tracks of different complexity will be built. A unified cableway transport network connecting activity zones will be put in place.

 

Pres Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru


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