BISHKEK, Kyrgyzstan, July 11. The National Investment Agency under the President of Kyrgyzstan (NIA), Russian Vasta Discovery LLC and the Eurasian Development Bank (EDB) have entered into a trilateral memorandum of cooperation on the construction of the Baytik Mountain Resort in Kyrgyzstan, Trend reports.
The signed memorandum provides for the EDB’s readiness to act as a lender to the Baytik Mountain Resort project
The memorandum also sets the stage for the parties to work hand in glove in the creation, building, and running of ski clusters in Kyrgyzstan, with a focus on pulling in investments, enhancing infrastructure, and rolling out the red carpet for tourists.
"The creation of the Baytik mountain resort will be the first and, currently, the only tourism infrastructure cooperation project in the Kyrgyz Republic. The future resort project includes 15 cable cars, 36 ski slopes with a total length of more than 57 kilometers, 4 tourist villages and a ski complex that meets the requirements for hosting international competitions of the highest level, including the Olympic Games and World Cup stages in alpine skiing and snowboarding," said the head of NIA Talantbek Imanov.
As he put it, the Vasta Discovery company, with their wealth of experience in tackling mammoth tourism projects and comprehensive territorial development, will be spearheading the development and construction of Baytik Mountain Resort.
Meanwhile, from 2022 through 2023, the EDB proactively implemented the objectives of increasing its investment portfolio set in the Country Strategy of Kyrgyzstan. During this period, the accumulated volume of investments of the EBD in the country amounted to 61.6 percent of the five-year indicative volume of investments for 2022–2026. In addition, the EDB’s current project portfolio at the end of 2023 increased by more than 1.6 times year-on-year and amounted to $101.5 million.