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09.06.2007
A Memorandum onCooperation Was Signed Between Republic ofKabardino-Balkaria and Interros Company

President ofKabardino-Balkaria Republic Arsen Kanokov and Vladimir Potanin, head ofthe Interros company signed amemorandum oncooperation intourism sphere.

The cooperation ofthe two parties will beaimed atcreation offavorable conditions for investment tothis region ofthe Russian Federation.

The unique nature ofthe Elbrus region together with the Republic’s reputation ofa traditional place for winter holidays are the major requisites for the creation ofan all-season world-class resort.

The parties have agreed tocarry out anelaborated technical analysis ofthe north-eastern Elbrus slope inorder toexplore the possibilities tobuild aski resort with ski pistes ofdifferent difficulty levels. The second stage will comprise drafting the feasibility study ofa modern skiing resort with ahotel network and anentertainment infrastructure, ski schools, aswell asall the necessary recreational facilities.

Interros intends toinvite leading modern skiing resorts design companies todraft amaster-plan.

Creation ofthe tourism infrastructure isa natural fields for private-state partnership inour country. The construction ofcomplexes and implementation ofmodern technologies ofthe sports recreation iswhat business should bedoing. However the creation ofa transportation, power and public utilities infrastructure for sports and tourist resorts isthe domain for local and regional authorities investments. Wethink that with awell-coordinated team-work the creation ofmodern world-class resorts isquite feasible. Besides Interros has asimilar experience with Rosa Khutor resort located inKrasnaya Poliana, said Vladimir Potanin.