$500 million to be invested for the development of mountain tourism

The plan is developed by a consortium of French companies “Geode”, “Manie Lives”, “Egis”, “Patriarche”, “Epode” with the support of the Private Sector Study and Aid Fund (FASEP). The master plan aims to attract up to $500 million in investment, including funds from government financial institutions of France. They will be used for the development of tourism, road transport and communal infrastructure.

The Ministry of Investments and Foreign Trade has also concluded a consultancy contract with the consortium.

The master plan will be integrated with the plan of the “Charvak” free tourist zone, created in 2017. Investors who implement projects on the territory of the resort will receive the status of a member of the “Charvak” free tourist zone and enjoy its privileges.

For the construction and operation of the international all-season resort, it was decided to create a project office – a unitary enterprise with the status of a participant of the “Charvak” free tourist zone. The overall coordinating role is assigned to the Management Board for the accelerated implementation of the construction project and the commissioning of the resort.

Funding sources:

• Purchase of equipment (cable cars, ski equipment, attractions, machinery, vehicles), construction works and services for the resort will be carried out using loans from the National bank of Uzbekistan (15%) and loans from the French Treasury (85%);
• A consultancy contract with a consortium is financed from the State Budget with subsequent refunds from the revenues of the project office (15%) and loans from the French Treasury (85%).
• The rights to the land parcels located on the territory of the resort will be sold in stages through “E-ijro AUKSION” by decisions of the Management Board. On an exceptional basis, the funds from their sale will be distributed: 90 percent – to the account of the project office, 10 percent – to the Fund for the development of tourist infrastructure in mountainous and remote areas.