Northern Caucasus Resorts Company (NCRC) is looking for developers and co-investors for $15 bn (EUR 11 bn) worth of alpine ski resort projects in the Russian region, Director General Alexey Nevskiy told MIPIM delegates on Thursday.
Northern Caucasus Resorts Company (NCRC) is looking for developers and co-investors for $15 bn (EUR 11 bn) worth of alpine ski resort projects in the Russian region, Director General Alexey Nevskiy told MIPIM delegates on Thursday.
During a presentation at the trade fair in Cannes, Nevskiy said the five mountain resort projects are an initiative of the Russian presidency to take advantage of 'the Caucasus' unexploited potential for mountain resorts'. Under the plan, the Russian state will be responsible for infrastructure and energy supply and will hand over to investors a site ready for construction.
'We are getting excellent support from the Russian Federal government and setting up organizational structures to smooth the path to private investment in the region,' said Nevskiy.
The Russian Federal Government is supporting NCRC by earmarking $2 bn for the region's primary infrastructure, which will be partly-financed by the private sector. The Treasury is also offering sovereign guarantees of up to 70% on investments in public debt instruments that will support private investment in commercial projects such as hotels, restaurants, entertainment and sports facilities. These will be managed either by distinct private entities, or as joint ventures with NCRC.
NCRC, which is owned by the Russian government, Sberbank and Vneshekonombank (VEB), has already signed memorandums of understanding with Credit Suisse First Boston (CSFB), Deutsche Bank and the Austrian-Swiss ski lift constructor Dopplemayr Garaventa Group for the projects.
