Azerbaijani company invests $25M in reconstruction of Russian sanatorium

By  Trend

Roughly 1.5 billion rubles (about $25.6 million) is planned to be spent on reconstruction of the abandoned sanatorium "Akademichesky" in the Russian city of Kislovodsk. The Azerbaijani company Karat Holding will engage in the project, TASS reported citing the press service of the city administration.

"The administration of the resort city is in charge of transfering the sanatorium from the federal property to the regional one, spending 1.5 billion rubles on the reconstruction of the sanatorium." The start of the investment project is planned for 2018. The new treatment and recreation facility will accommodate 350 tourists," the report reads.

The press service added that the sanatorium was built in 1934, but since 1994 it has been abandoned. "In April, at the 16th international tourist exhibition in Azerbaijan AITF-2017, a tripartite agreement was signed between the government of the Stavropol Oblast, the administration of the Kislovodsk resort city and the head of the Azerbaijani group of companies Karat Holding, Taleh Gasimov, ," the administration noted.

This is not the first Russian enterprise operating in the sphere of tourism, where Azerbaijani entrepreneurs recently invest. Thus, according to the data of the Eurasian Development Bank, in 2016 businessmen from Azerbaijan invested $ 25 million in the construction of the "Istochnik" sanatorium in the Stavropol Territory and $ 33 million in the construction of the Ene-Sai hotel complex in the Republic of Tyva.