Russia will build five ski resorts in its volatile North Caucasus region at a cost of over $15 billion, Russian business daily Kommersant said on Monday.
The Russian government will hold around 98 percent of shares in the North Caucasus Resorts company, which will be responsible for the construction of the resorts. The state will allocate about $2 billion for road construction and infrastructure.
The resorts will be located in the republics of Dagestan, North Ossetia, Karachay-Cherkess, Adygea and Kabardino-Balkaria, the paper said.
Presidential envoy to the North Caucasus Alexander Khloponin received orders from President Dmitry Medvedev earlier this year to make preparations for the project.
Russian state-run banks Vnesheconombank and Sberbank will be minority shareholders of the company, which will help investors to attract loans, the paper said.
RIA Novosti
