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VEB.RF to Arrange Financing for 30 Projects Totalling RUB350bn Under Tourism and Hospitality Industry National Project

21 january 2025 года
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“With financial support from VEB.RF, extensive work is already in progress on creating the country’s tourism infrastructure across a range of regions. VEB.RF currently has 30 tourism infrastructure projects totalling 350 billion roubles in the funding and structuring phases, with VEB.RF’s approved commitment exceeding 226 billion roubles. These projects are located in dozens of regions, and a significant proportion of them are in the Far East and the Arctic. The projects receive financing under programmes to provide soft loans and subsidies for tourism infrastructure and ski infrastructure through the Ministry for the Development of the Russian Far East and Arctic. The primary focus of VEB.RF is on large-scale and comprehensive projects that will be a major driver of growth in a host of vast areas. The largest of them include creating Three Volcanoes, an all-season resort in the Kamchatka Region, and Turyev Khutor, a full-service destination resort in the Krasnodar Territory, as well as developing the Zavidovo resort in the Tver Region and creating Lagonaki, an all-season family eco-resort in the mountains of the Republic of Adygeya. Apart from that, work also continues on VEB.RF-supported development projects for urban economies to set up city hotels, spa service providers and public parks. We help to create all the conditions for promoting domestic tourism and family recreation and building world-class infrastructure,” said Anton Perin, Senior Banker, Business Services, VEB.RF.

VEB.RF emphasised that “as part of financing for tourism infrastructure projects, VEB.RF welcomes every opportunity to involve commercial banks in this process by helping them to hedge against the increased risks associated with such projects”.

In addition to direct financing for investment projects in the tourism industry, ProGorod (part of the VEB.RF Group) has been commissioned by the Russian Ministry of Economic Development to develop tourism master plans for macroregions. Over the past three years, ProGorod has drawn up 12 master plans encompassing 52 regions and one nationwide master plan. This is unique in Russian spatial planning, since for the first time, sector-specific regional master plans were formulated, including plans for the biggest projects both in terms of the area covered (Baikal–Irkutsk Region; Republic of Buryatia) and in terms of the number of regions involved (13 Greater Volga regions).

As Russian Deputy Prime Minister Dmitry Chernyshenko noted earlier, investments in the tourism industry “have increased substantially, compared with last year”, and “private and public investment in the tourism industry grew almost by half in the first nine months of 2024, compared with the same period a year ago, and reached 652 billion roubles”.

For his part, Russian Minister of Economic Development Maxim Reshetnikov noted the interest of businesses in creating tourism infrastructure. According to the minister, “the industry is expanding at an increasing pace as new hotels, health resorts and mountain resorts are built and service quality is improved”.
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