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Territory Development

Implementation of the mountain and recreation cluster project provides for attraction of investments for reconstruction, renovation, and construction of utility and infrastructure facilities in the areas adjacent to the resort territories, which include:: power supply (electric power substations, power transmission lines);; water supply and sewerage;; gas supply (gas distribution stations, internal systems);; backbone fibre optic links;; schools, hospitals, kindergartens and other social facilities.

According to preliminary expert assessment, the project of the tourism cluster in the North Caucasus Federal District, Krasnodar Territory, and the Republic of Adygea requires 451.4 billion roubles of investments.

It is planned that some facilities within the framework of the project will be constructed using government financing, including the budgets of such federal target programmes as The South of Russia (2008–2012) and Development of the Transport System of Russia (2010–2015). It is also supposed to attract resources of the Investment Fund of the Russian Federation and the funds which have become available in the course of adjustment of some investment programmes. Special attention will be paid to the creation of favourable investment conditions for private investors through credit support of state banks, customs and tax privilege policy, granting a status of a special economic zone to the territories according to Federal Law of the Russian Federation No. 116-FZ On Special Economic Zones in the Russian Federation dd. July 22, 2005.

Attraction of considerable investments will ensure high social and economic efficiency of the project. According to preliminary expert assessment of North Caucasus Resorts OJSC, by 2020 the project will have contributed around 700 billion roubles to the gross regional product, which will condition more than twofold economic growth in the regions of the North Caucasus Federal District. At the same time, the fiscal revenues at all levels will amount to around 200 billion roubles, about 120 billion roubles of which will go to the federal level budgets and 80 billion roubles — to the regional and municipal level budgets. The total taxable financial flows per industries (for 20 years) will amount to more than 2 trillion roubles; taxation of the related industries for the same period will amount to more than 640 billion roubles.

The specialists assume that the project will ensure the creation of more than 160 thousand permanent jobs. After complete fulfilment of the potential, this number will increase up to 320,000.