The Russian government decided to provide government guarantees to cover up to 100% of total loans, attracted by investors into the project the tourist cluster in the North Caucasus. In the federal budget for 2013 for the purposes of state guarantee support were provided up to $ 1 billion with a maturity of 5 to 20 years. Guarantees will apply to projects with total investments from 100 million U.S. dollars. This was told by the Chairman of the Board of Directors of OJSC ‘Northern Caucasus Resorts’ Akhmed Bilalov.

In addition, he said, the federal budget includes subsidies for the management companies of special economic zones and SEZ residents. These funds can be used, including, for subsidizing the interest rate on borrowed funds attracted for development of resorts in the turklaster.

‘This means that any businessman, who wants to build a facility in the tourism cluster, is able to get a loan for a period of 5 to 20 years, secured by state guarantees, and with the possibility of interest rate subsidies’, - said Bilalov. He emphasized that in frames of the Special Economic Zone, in which are being built the resorts, businessmen will be provided by favorable conditions in which they almost do not have to pay for the land due to the minimum lease rate as well as a connection to the infrastructure.

‘When I made the proposal to the local business of the North Caucasus, the reaction was very positive - said Bilalov. - Because, for example, today, before the start of construction in any city of the Caucasus, you have to pay about 100 thousand U.S. dollars for the land and connection’.

The Chairman of the Board of Directors of ‘NCR’ explained that additional support measures are aimed at creating a favorable investment climate, as well as to attract long-term funding to the project, reducing the cost of borrowed capital and the creation of conditions for small and medium businesses.