15 Aug '08
Moscow-based investment and financial corporation Alemar is opening a $73.3 line of credit with RF Sberbank's Altay office, sources in the bank report.
The borrowed funds will be used to build the first $106m stage of a $407.4m Manzherok all-season skiing resort in Altay.
The complex's total acreage is expected to be 900 hectares. Plans stipulate construction of 32 ski trails covered with artificial snow. A total length of all ski trails is to be 60 kilometers, while the altitude difference will be 820 meters.
The complex will also have 15 cable cars and a hotel complex for 4,500 guests.
It is expected that by December this year Alemar will have built a few ski trails and three cable cars. In spring 2009 a service-center, hotel complex, park-hotel, sports equipment rental center, sports grounds and a restaurant are to be commissioned with a new beach area.