Federal agency on managing special economic zones in Russia RosSEZ has announced that a $611.2m project related to setting up a tourist economic zone in Altay region called Biryuzovaya Katun was approved by a state expertise committee

Altay was the surprise winner of two SEZ's last year in the RF's national competition to encourage regions to apply for partial federal funding of the zones to help spur local economic growth.

Altay submitted a project for a gambling zone (Golden Coin) and for a tourist zone to be built along the Katun River.

Although it will only be a formality, the project will also have to be approved by Altay regional authorities and by RosSEZ. After that it will be ready for launching.

State officials plan to earmark $270m for the project, which was developed by Omsk-based design institute Omskgrazhdanproject.

The project is expected to take five years to be completed. The SEZ will be spread out as much as 412,000 square meters and include extreme sports, nature trails, parks, hotels and many other activities.