Public Limited Company “North Caucasian Resorts” to be established in North Caucasus

Russian Prime Minister Vladimir Putin has signed a decree on the establishment of the tourism cluster in the North Caucasian Federal District, the Krasnodar region and the Republic of Adygea, with annual funding of up to 60 billion rubles, Interfax reports.

In accordance with the decree, the tourism cluster will consist of tourist-recreational special economic zones. In addition, the Ministry for Economic Development has been requested to submit proposals for the establishment of a Public Limited Company "North Caucasian Resorts” in December 2010. The executive body of the company will be presented by a management company, selected on a competitive basis.

In early July, Vladimir Putin set the task of developing the tourism potential of the North Caucasus and create a cluster of ski tourism facilities. By late September, it was decided that the "North Caucasian Resorts” company will be in charge of the construction of the five ski resorts, with the state as the owner of 98% of its shares.