Kazakhstan Eyes Investment Boost for Issyk-Kul Resort Properties
Kazakhstan may soon increase funding for its four leased recreation facilities on Kyrgyzstan's Lake Issyk-Kul, Orda.kz reports.
A proposed amendment to the original 2006 agreement appeared on Kazakhstan's open regulatory legal acts website on January 14, published by the State Property and Privatization Committee.
The initial agreement granted Kazakhstan a 49-year lease on four properties: the Olimp Sports and Recreation Center, Samal Recreation Center, Universitet Sports Camp, and Kazakhstan Sanatorium.
In accordance with the Agreement, the Kazakh side has undertaken to modernize the facilities to the level of three- or four-star hotels.
In 2023, Economist.kg reported, citing the Kyrgyz tax service, that only two of the four facilities were operational.
The new draft document would allow Kazakhstan to bring in private investors to help upgrade the properties.
According to Akchabar, Kazakhstan must complete all renovations by December 31, 2029, or risk Kyrgyzstan unilaterally terminating the lease agreement.
Original Author: Igor Ulitin
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