On July 10, the National Investment Agency under the President of the Kyrgyz Republic, Vasta Discovery LLC, and the Eurasian Development Bank (EDB) signed a trilateral Memorandum of Cooperation on the construction of the Baytik mountain resort, an all-season tourism cluster in Kyrgyzstan’s northern Chui region.
The EDB will act as the project’s creditor but the amount of the planned investment has yet to be declared.
Following the signing of the agreement, Sergey Ignatov, EDB’s Senior Managing Director stated, “As a multilateral development bank, the EDB performs its investment activities so as to contribute to the economic growth of its member countries, the expansion of trade and economic ties, and the development of integration processes in the Eurasian space. Apart from its obvious integration potential, the Baytik Mountain Resort project is also expected to contribute to the development of tourism, an important sector of the Kyrgyz economy, which will have a positive impact on related industries and cultural exchange in Eurasia, and will become a significant growth point in this region.”
Talantbek Imanov, Director of the National Investment Agency highlighted the fact that the Baytik Mountain Resort represents the first foray into cooperation in Kyrgyzstan’s tourism infrastructure and outlining the project, announced: “The future resort includes 15 cable cars, 36 ski slopes exceeding 57 km, 4 tourist villages and a ski complex that meets the requirements of international top class competitions, including the Olympic Games and World Cup alpine skiing and snowboarding events.”
The Baytik Mountain Resort will be constructed and developed by Vasta Discovery, a company with extensive experience in implementing large-scale tourism infrastructure projects. Emphasizing his company’s firm commitment to the project, Sergey Bachin, CEO of Vasta Discovery confirmed, “We are confident that there will be domestic demand for the resort and its services and that it will also become an important attraction for foreign tourists and inspire them to visit Kyrgyzstan.”
