Group Sinara has announced plans to invest $213m building the first touristic complex Romantic of the Arkhyz ski resort in the Republic of Karachayevo-Cherkessia.

The project is reportedly to be partly financed with a loan from state-run Vnesheconombank.

Under the project, the company is to build several hotels, ski slopes, ski lifts, cableways and other touristic facilities.

Under the work schedule, by skiing season of 2011-2012 the company is to put into commission three hotels, 860-meter-long four-seat cable way to go up 1,770 meters.

By 2012-2013 skiing season the company is to build 14-kilometer ski slopes, nine ski lifts and more hotels, the firm said.