Krasnodar Krai signs 1 billion euro worth deals in Cannes on the 1st day; federal Sochi program becomes more expensive
Development March 14th, 2007
Governor of Krasnodar Krai Alexandr Tkachev signed seven deals worth more than €950 million during the first day of the international real estate summit in Cannes — MIPIM-2007, reports REGNUM information agency. Some of those deals are investments in Sochi, for new multifunctional centers and a hotel complex. Krasnodar Region’s exhibition os one of the largest on the event. This year they showcase around 1 400 projects worth €47 billion, including new projects in newly established special economic tourism and recreational zones and Olympic projects in Sochi. One hundred presented Sochi projects include hotels, sport structures, mountain resorts, and a golf club.
Meanwhile, Russian minister of economic development German Gref, announced that the price of the federal program of making Sochi into year-round resort may go up due to the increased price of some projects, and that Russian government will increase its funding. These money will go into infrastructure projects, he clarified. The new numbers will be known in the end of this year. Just to remind you, currently $12 billion is planned to be invested in this program, $7.5 billion of which will be invested by the government.