Why Private Investors Will Not Fully Fund A New Almaty Ski Resort
Photo: Government\'s press-service
The state will help finance the Almaty SuperSki resort project, even though officials describe it as an investment initiative, Orda.kz reports.
Minister of Tourism and Sports Yerbol Myrzabosynov said the project had passed the necessary approval procedures, including environmental review, scientific analysis, and public hearings.
The issue came up amid criticism from environmentalists and public figures, who have warned of possible risks linked to the development of Kok-Zhailau. Journalists also asked why the resort was not being built entirely with private money if officials consider it commercially promising.
Yerzhan Yerkinbayev, chief executive officer of Kazakh Tourism Development, said the commercial part of the project would be financed exclusively through private investment. This includes hotels and other tourist and commercial infrastructure.
The project itself — engineering networks, the water supply system, cable cars, ski runs, and artificial snowmaking — is an infrastructure project. And, as in any country in the world, such large infrastructure projects are built at the state’s expense. The project is now being developed with the Baiterek system’s own funds. No budget money has been allocated for implementation,Yerkinbayev said.
The exact cost of the project has not yet been determined. Yerkinbayev did not confirm the previously mentioned figure of 500 billion tenge, saying the final amount of financing has not yet been calculated.
Kazakh Tourism Development believes the project could pay for itself through increased tourist traffic. According to the company’s estimates, if the resort attracts one million additional foreign tourists and each of them spends at least three days in Almaty or other regions of the country, Kazakhstan’s economy could receive about $1 billion in direct income annually.
Original author: Ilya Astakhov
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