RS Brief news Italians in the Caucasus

Italians in the Caucasus

September 2012

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A letter of intent has been signed regarding cooperation in the development of the tourism cluster in the North Caucasus Federal District, the Krasnodar Territory and the Republic of Adygea.

According to the protocol, Rizzani de Eccher is set to invest around 1 billion euros in the construction of the commercial and hotel infrastructure in the cluster. In order to participate in this project, Rizzani de Eccher is planning to establish a consortium of investment, credit, import-export and other organisations, as well as construction and real-estate businesses.

At present, OJSC North Caucasus Resorts is carrying out a large-scale project in southern Russia to build new ski resorts in Lagonaki (Krasnodar Territory, Republic of Agydea), Arkhyz (Republic of Karachaevo-Cherkessia), Elbrus-Bezengi (Republic of Kabardino-Balkaria), Mamison (Republic of North Ossetia-Alania), Matlas (Dagestan), Tsori and Armkhi (Republic of Ingushetia), as well as beach resorts on the coast of the Caspian Sea (Dagestan).

The project is financed by a public-private partnership. In order to develop the resorts, tourist and recreation Special Economic Zones are being established, residents of which are granted tax and customs privileges. RS