EDB to Finance the Construction of a World-Class Mountain Resort in Kyrgyzstan
July 10, 2024 The National Investment Agency under the President of the Kyrgyz Republic (NAI), Vasta Discovery LLC and the Eurasian Development Bank (EDB) have signed a trilateral Memorandum of Cooperation on the creation of Baytik Mountain Resort in the Kyrgyz Republic.
The signing ceremony of the Memorandum was attended by Talantbek Imanov, Director of the National Investment Agency under the President of the Kyrgyz Republic, Sergey Bachin, CEO of Vasta Discovery, and Sergey Ignatov, EDB's Senior Managing Director. The parties expressed their intentions to establish a partnership for the development and construction of Baytik Mountain Resort, an all-season mountain tourism cluster in the territory of the Chüy region of the Kyrgyz Republic.
The Memorandum also provides for cooperation between the parties in the field of development, construction and operation of ski clusters in the Kyrgyz Republic, including attracting investments, developing infrastructure and providing favorable conditions for tourists.
According to Talantbek Imanov, Director of the NIA, the creation of Baytik Mountain Resort will be the first (and so far the only) tourism infrastructure cooperation project in the Kyrgyz Republic.
"The project of the future resort includes 15 cable cars, 36 ski slopes with the total slope length exceeding 57 km, 4 tourist villages and a ski complex that shall meet the requirements for holding international top class competitions, including the Olympic Games and World Cup events in alpine skiing and snowboarding," Mr. Imanov said.
The development and construction of Baytik Mountain Resort will be handled by Vasta Discovery, a company that has extensive experience in implementing large-scale tourism projects and integrated development of territories.
"Participation in the Baytik Mountain Resort project is very important for our company," Sergey Bachin noted. "We are confident that there will be domestic demand for the resort and its services; besides, it will also become an important point of attraction for foreign tourists and inspire them to visit the Kyrgyz Republic. Besides relaxing in comfortable hotels and having fun on the ski slopes and hiking trails of the resort, the tourists will also have a chance to enjoy the beauty of the Chüy Valley and the mountains of the Kyrgyz Ala-Too."
The signed Memorandum provides for the EDB's readiness to act as a creditor of the Baytik Mountain Resort project.
"As a multilateral development bank, the EDB performs its investment activities so as to contribute to the economic growth of its member countries, to the expansion of trade and economic ties between them, and to the development of integration processes in the Eurasian space," said Sergey Ignatov, Senior Managing Director of the EDB. Apart from its obvious integration potential, the Baytik Mountain Resort project is also expected to contribute to the development of tourism – an important sector of the Kyrgyz economy, which will have a positive impact on related industries and cultural exchange in Eurasia, and will become a significant growth point in this region."
Currently, the EDB is implementing several major investment projects in Kyrgyzstan, such as financing the construction of the 100 MW Kulanak HPP and the construction of a new modern clinker burning line at the Kant Cement Plant. In addition, the Bank is developing several projects in the field of housing and communal services, renewable energy sources and infrastructure.
Let us recall that, in May, a number of important signing ceremonies were held in Kyrgyzstan with the EDB's participation; the signed documents included an agreement of intent on the modernization of the Kyrgyz Stock Exchange, an agreement on financing the construction of one of the largest solar power plants in Kyrgyzstan, an agreement on the provision of technical assistance for the purchase of equipment for the restoration of the Bishkek TPP, as well as a memorandum on the construction of a bypass road going around the town of Uzgen.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals $7 bln. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
The National Investment Agency under the President of the Kyrgyz Republic (NAI) is an authorized state body whose goals are to create a favorable investment climate by attracting and promoting investments in the economy, as well as by supporting investors.
Vasta Discovery is a development company actively engaged in the development of the tourism industry in Russia and implementing large-scale tourism projects in various regions of the country, ranging from Sochi, one of the southernmost cities of Russia, to as far to the east as Kamchatka and the Kuriles. The company's portfolio includes such projects of integrated development of territories as the Zavidovo, the Yaroslavl Seaside and the Onekotan Archipelago resorts. The Vasta Discovery team includes experts with experience in the construction and management of the key Sochi 2014 Olympic facility – the Rosa Khutor resort. Rosa Khutor is Russia's largest year-round mountain resort (105 km of ski slopes and 32 ski lifts).
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6148 or 3730