MINERALNYE VODY, May 3. /TASS/. The Economic Development Ministry is ready to allocate part of the funds from the sale of assets of foreign residents (1.2 billion rubles ($15.1 mln)) for the construction of modular hotels in Russia, Economic Development Minister Maxim Reshetnikov announced on Wednesday. He was speaking at a meeting with members of the government commission on socio-economic development of the North Caucasus Federal District.

"As part of the national tourism program, we supported five projects for the construction of hotels worth 12 billion rubles ($151 mln) with concessional loans. Now we have launched a tender for [the construction of] modular hotels. We are waiting for applications until May 11. Moreover, yesterday the President backed the idea that if there are good applications, another 1.2 billion rubles we received from the sale of assets by foreigners can be allocated [for the support of tourism industry]. We are also ready to use them to support [the construction of] modular hotels," the minister said.

On Tuesday, during a meeting with President Vladimir Putin, Reshetnikov said that the Russian budget received 4 billion rubles ($50.2 mln) from the sale of assets of foreign residents, of which 2.7 billion rubles ($33.9 mln) will be used to support the tourism industry in Crimea.

Modular construction is a process in which a building is constructed off-site in individual modules, in a controlled manufacturing facility, using standard building construction materials, which is then assembled together at the final building site.