VEB.RF, Interros, Vasta Discovery to create new highland resort in Sochi

AK&M 12 April 2021 20:08

State Development Corporation VEB.RF, Interros and Vasta Discovery have signed an agreement to cooperate in creating the Vasta Valley all-season highland resort in Sochi, the bank informed.

The project initiators estimate the total investment at about RUB 80 billion. It is envisaged that the project will be financed by their own and borrowed resources, while the supporting utility and transport infrastructure for the project will be built using budget financing.

State Development Corporation VEB.RF (Vnesheconombank State-owned Corporation, tax number: 7750004150) was established under the Federal law of the Russian Federation "About the Bank of Development" through the reorganization of Vnesheconombank USSR in 2007. Vnesheconombank is one of development institutes focusing on the elimination of infrastructural restrictions for the economical advance, the increase of efficiency of natural resources utilization, the development of hi-tech industries, the optimal usage of the SME innovative and production capacities, the support of export of industrial products and services.

Subject to the Russian Government's decision, VEB.RF is authorized to coordinate the development institutions: the Russian Export Center, EXIAR, Roseximbank, RUSNANO, the Skolkovo Foundation, the Industry Development Fund, the Fund for Development of Infrastructure Programs, the Foundation for Assistance to Small Innovative Enterprises, RSMB Corporation.

Interros is one of Russia's leading investment companies founded in 1990 by Vladimir Potanin. Interros's investment portfolio includes metallurgical and mining assets (Norilsk Nickel, Bystrinskaya ore mining company), development and tourism (the Rosa Khutor alpine resort), and pharmaceutical assets (Petrovax Pharm).

Vasta Discovery is a Russian development management company engaged in the conception, development and management of tourist projects.