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German, UK investors join N Caucasus tourist cluster project

The sides organise working groups, which will coordinate development of interaction and joint participation in the project

PYATIGORSK, September 18 (Itar-Tass) —— German and British investors have joined the project for the North Caucasus tourism cluster, press service of the state company Resorts of the North Caucasus said on Saturday.

An Anglo-German consortium Astor Capital and Drees and Sommer," signed a letter of intenttion on cooperation in investment with the Resorts of the North Caucasus Company/RNC/.

The parties intend to develop cooperation in implementation of construction projects for the Lagonaki ski resort, which is located in the territory of the Absheron District of the Krasnodar Territory and in Adygeya’s Maikop District, and the Mamison ski resort located in Alagir and Iraf districts of the Republic of North Ossetia-Alaniya.

The sides organise working groups, which will coordinate development of interaction and joint participation in the project. Financial and organisational aspects of the projects will become subjects of separate agreements.

An item in the signed document is devoted to the an intention to develop the tourism cluster project in accordance with best international standards, trying to minimise and balance interference in the environment and biodiversity. In view of the unique natural and cultural heritage of the North Caucasus Mountains, the sides will fully integrate this principle into the concept, implementation and project management.

The consortium brings together two resources - financial opportunities of Astor Capital Group and engineering capabilities of Drees and Sommer, the consortium’s President Michael Lubenets told reporters.

"We are at the initial stage of research of the North Caucasus tourism cluster’s project, but we can see its huge potential already, and we hope to reach soon the level of interaction that has been achieved between Resorts of the North Caucasus and France’s corporation Caisse des Depots et Consignations."

Consortium Astor Capital and Drees and Sommer has extensive experience in investment and development activities and it is a leading English-German holding company which is active in infrastructure projects, construction of ski resorts, as well as comprehensive project management.

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