The cluster project was presented by Deputy Prime Minister and Presidential Plenipotentiary Envoy to the North Caucasus Federal District Alexander Khloponin.
Developing the tourism cluster in Krasnodar Territory will not only make it possible to build new resort and recreation facilities but also create new jobs, the President said, noting that the project will substantially improve conditions for Russian holidaymakers.
According to Mr Khloponin, the project is expected to create 163,000 jobs overall and the project’s total cost is 450 billion rubles [around $15 billion], of which most will be raised through Russian and foreign private investment.
State financing for the project will not come directly from the budget, but through creating special economic zones offering tax and customs preferences, and will account for not more than 12 percent of total funding, Alexander Khloponin said.
He also told the President that the Economic Development Ministry has set up a special working group to draw up the necessary estimates and calculations jointly with other agencies. The plan is to have the final draft of the project ready to be presented at the St Petersburg International Economic Forum on June 17–19, 2010.