EDB finances hotel construction in Minsk
Almaty, 15 November 2012. Eurasian Development Bank (EDB) will provide a US $47 million loan to a Russian investor to build a hotel in Minsk. The respective agreement was signed today in the capital of Belarus by EDB and Mospromstroy-Hotel (a subsidiary of Mospromstroy), which has been set up specifically for this project in Belarus.
The hotel will have 264 rooms and will provide four-star services under the Renaissance brand and host exhibitions, conferences and other events in its business centre.
The Bank’s loan will be used to complete construction and purchase equipment and materials for this investment project.
«Minsk has an acute need for high-quality hotel services and offices. This project will help develop municipal tourist infrastructure, which will in turn foster the advancement of other sectors. It also has a social value since it will create 315 jobs in the hotel and more than 540 jobs in related sectors,» Gennady Zhuzhlev, Deputy Chairman of the EDB Management Board, says. «In addition, the project will contribute to the formation of an integrated trans-border hotel group in the EDB member states.»
In December
2011 EDB launched financing for a similar project — a hotel and business centre
in Astana with the Bank’s participation amounting to US $44 million. The estate
in Astana was built
Additional Information
Mospromstroy constructs and reconstructs residential, hotel, industrial, public, administrative and healthcare buildings and sport facilities. The company accounts for almost a third of Moscow’s construction market. It has constructed and reconstructed over 2,000 buildings and millions of square meters of housing. Mospromstroy’s projects include Marriott Grand Hotel, Marriott Royal Aurora, Marriott Tverskaya, Lotte Hotel, Holiday Inn Lesnaya, Holiday Inn Suschevsky and the International Trade Centre at Krasnaya Presnya. It has also constructed dozens of thermal stations, gas-turbine electric power stations and other power facilities and commissioned warehouses for Wimm-Bill-Dann, the Metro hypermarkets, and cutting-edge Toyota and Lexus service stations. Mospromstroy has reconstructed the Moscow Operetta Theatre, the Stanislavsky and Nemirovich-Danchenko Academic Musical Theatre and constructed the new stage of the Bolshoi Theatre.
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.