OREANDA-NEWS. October 04, 2010. Charter Capital of the Northern Caucasus Development Corporation to Amount to 500 million Rubles

Charter capital of the Northern Caucasus Development Corporation is to amount to 500 million rubles. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it.

He said that Vnesheconombank would act as the Corporation’s founder. He added that he hoped that other investors and banks would be among founders and shareholders of the Corporation as well.

The Corporation’s task will be to monitor investment projects to be implemented on the territory of the Northern Caucasus and to consult regional authorities. The Corporation is expected to start operating as early as in November of 2010.

According to Dmitriev, original 500 million rubles to be invested in the Development Corporation’s charter capital will be enough to finance projects worth up to 9 billion rubles.

He added that earlier it had been said that the total amount of funds needed for implementing investment projects offered to be submitted for consideration by a would-be Development Corporation would be 2-3 trillion rubles. V.Dmitriev said that he was sceptical about most of these projects. In his opinion, even half of them are unlikely to be prepared properly in terms of bank risks and return on investment.

VEB and Sberbank to Invest 300 million rubles each in the Project “Resorts of the Northern Caucasus”

Vnesheconombank and Sberbank are to invest 300 million rubles each in the project “Resorts of the Northern Caucasus”. The project provides for creating five mountain-ski resorts in the region. Another 6 billion rubles are to be invested by OJSC Special Economic Zones, Vnesheconombank Chairman Vladimir Dmitriev said on Thursday.

“We have agreed with Sberbank that Vnesheconombank and Sberbank would invest 300 million dollars each in this company (OJSC Resorts of the Northern Caucasus), to my best knowledge OJSC Special Economic Zones would invest funds in the amount of 6 billion rubles”, Mr. Dmitriev said at a briefing after VEB’s Supervisory Board meeting where they discussed an issue of VEB’s participation in the project.

According to him, this mechanism would be used to raise private investment for this region to finance infrastructure and other facilities.

OJSC “Resorts of the Northern Caucasus” is to be founded to manage a unified tourist complex, which is being formed in the region now. Under this project the following  mountain ski resorts are to be built: Arkhyz in Karachaevo-Cherkessia, Lago-Naki in Adygeya, Mamison in North Ossetia, Matlas in Dagestan and Elbrus in Kabardino-Balkaria.