The National Investment Agency under the President of the Kyrgyz Republic (NAI), Vasta Discovery, and the Eurasian Development Bank (EDB) have signed a trilateral Memorandum of Cooperation for the creation of the Baytik Mountain Resort in the Chüy region of Kyrgyzstan.
The signing ceremony featured Talantbek Imanov, Director of the NAI, Sergey Bachin, CEO of Vasta Discovery, and Sergey Ignatov, EDB's Senior Managing Director. The partnership aims to develop Baytik Mountain Resort into an all-season mountain tourism cluster.
This collaboration encompasses the development, construction, and operation of ski clusters, with a focus on attracting investments, developing infrastructure, and providing favorable conditions for tourists.
Talantbek Imanov emphasized the significance of the project, noting it as the first tourism infrastructure cooperation initiative in Kyrgyzstan.
“The future resort will include 15 cable cars, 36 ski slopes with a total length exceeding 57 km, four tourist villages, and a ski complex capable of hosting international competitions, including the Olympic Games and World Cup events in alpine skiing and snowboarding,” he said.
Vasta Discovery, a company with extensive experience in large-scale tourism projects, will handle the development and construction. CEO Sergey Bachin expressed confidence in the resort's potential to attract both domestic and international tourists, highlighting the natural beauty of the Chüy Valley and the Kyrgyz Ala-Too mountains as key attractions.
The EDB has committed to financing the Baytik Mountain Resort project. Sergey Ignatov emphasized the EDB's role in promoting economic growth and integration within its member countries. He stated that the project would significantly boost Kyrgyzstan's tourism sector and positively impact related industries and cultural exchange in Eurasia.
In addition to the Baytik Mountain Resort, the EDB is involved in several major investment projects in Kyrgyzstan, including the construction of the 100 MW Kulanak Hydropower Plant and a new clinker burning line at the Kant Cement Plant. The Bank is also developing projects in housing, communal services, renewable energy, and infrastructure.
Earlier this year, the EDB participated in significant agreements in Kyrgyzstan, including the modernization of the Kyrgyz Stock Exchange, the construction of a major solar power plant, technical assistance for the Bishkek TPP restoration, and a bypass road around Uzgen.
EDB is a multilateral development bank focused on strengthening economic ties and fostering development in Eurasia, with a charter capital of $7bn. The EDB's portfolio includes projects in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering, guided by the UN Sustainable Development Goals and ESG principles.
Vasta Discovery is a development firm actively involved in advancing Russia's tourism sector, executing large-scale projects across diverse regions from Sochi in the south to Kamchatka and the Kuriles in the east. Their portfolio features integrated development initiatives such as Zavidovo, Yaroslavl Seaside, and Onekotan Archipelago resorts. The team at Vasta Discovery includes experts renowned for their work on the Rosa Khutor resort, a pivotal facility from the Sochi 2014 Winter Olympics, boasting Russia's largest year-round mountain resort with 105 km of ski slopes and 32 ski lifts.
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