Kazakhstan Secures Ownership of Four Resort Properties in Issyk-Kul

Kazakhstan’s Senate ratified an agreement between the governments of Kazakhstan and Kyrgyzstan on settling property rights to resort facilities in the Issyk-Kul Region, Orda.kz reports

The document confirms Kazakhstan’s ownership of four facilities: the «Kazakhstan» sanatorium, the «Samal» holiday home, the «University» sports and wellness camp, and the «Olimp» center.

The agreement extends, through the end of 2029, Kazakhstan’s obligations to modernize these facilities to the level of three- and four-star hotels operating year-round. It also stipulates that at least 80% of staff during the construction and operation stages must be citizens of Kyrgyzstan.

A protocol to the agreement allows investors to be brought in to fulfill the obligations for upgrading and developing the facilities.

Original author: Ilya Astakhov