Support The Moscow Times!

Medvedev to Tout Caucasus Ski Resorts While at Davos

President Dmitry Medvedev will be looking to drum up international financial support for a $15 billion plan to construct a chain of ski resorts in the North Caucasus when he travels to the World Economic Forum later this week.

The proposed ski resorts are designed to rival the best that Alpine skiing has to offer and will be completed by 2020.

Medvedev will formally unveil the scheme at the Davos forum, which will be attended by thousands of business leaders and politicians from around the world, Britain's Daily Telegraph newspaper reported Monday.

The ski complexes will be located at Matlas, Dagestan; Mamison, North Ossetia; Arkhyz, Karachayevo-Cherkessia; Lago-Naki, Adygeya; and on Mount Elbrus in Kabardino-Balkaria.

The project, which has been named Peak 5642 after the height of Europe's tallest peak, Mount Elbrus, is run by the state-owned company North Caucasus Resorts. Sberbank and VEB both are minority shareholders in the enterprise, which is 98 percent state controlled.

Prime Minister Vladimir Putin said Friday that the government would be investing 60 billion rubles ($1.96 billion) in the project.

The remainder of the $14.8 billion construction costs are being sought from private investors domestically and abroad.

Concerns have been raised that, despite the region's pristine skiing conditions, investors and tourists may be put off by a history marred by bloodshed and an unstable political situation.

The U.S. Department of State advises against any attempt to climb Mount Elbrus, the flagship site of the development project, because of its proximity to “volatile and insecure areas.”

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more