Project description
and objectives:
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The proposed project involves expansion of Raduga tourist resort owned by
Invest-Raduga Ltd. and located at Issyk-Kul Lake, Kyrgyz Republic. The project
builds on successful construction and operation of Raduga resort, implemented
by Invest-Raduga company in 2004. The investment will be directed for
financing construction of 98 new cottages, reconstruction of 36 apartments for
sale, and reconstruction of two buildings as a 44-room hotel. The project is
co-financed by Kazakh Temirbank.
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Transition impact:
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a) The project will improve quality and set new standards for local tourism
industry and increase competition among the resorts through more competitive
pricing and stimulate growth of tourist flow to the country.
b) Demonstration of successful restructuring of a near bankrupt facility into
a successful private resort.
c) Expansion of competitive markets in construction and tourism service
sectors which are involved in construction and supplying the resort.
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The client:
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Invest-Raduga Limited Liability Company, registered in the Kyrgyz Republic.
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EBRD finance:
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USD 6 million senior loan, with a 3-year tenor.
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Total project cost:
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USD 17.4 million
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Environmental impact:
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Environmental Analysis paid specific attention to the Ramsar Wetland status of
Lake Issyk-Kul (an international environmental convention to protect wetlands)
as the project is located on the north shore of the lake. The environmental
due diligence confirmed two key points: (1) the project is located in the
specific zone of the Biosphere Zone where such development is allowed by
Kyrgyz law; and (2) waste water treatment is a possible key issue associated
with the project and the Sponsor already plans to expand the capacity of the
existing waste water treatment facility that belongs to the project.
The Sponsor will be required to ensure that the project complies with
national, EU and World Bank environmental, health and safety standards and
requirements. To achieve that, the Sponsor is committed to identify and
implement technical solutions for the expansion of the waste water treatment
facility so that the treatment capacity will be sufficient enough to deal with
an increase of waste water and corresponding increase of quantity of effluents
without causing any environmental damages.
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Technical
cooperation:
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Swiss Technical Cooperation funds have been used to finance market, technical
and financial diligence (EUR 40K) for two construction projects in Kyrgyzstan,
including this one.
Additional TC funds are sought for legal due diligence of the project.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Ms. Murzaeva Yulia
Invest-Raduga Ltd.
Address: 35, Erkindik
street, Bishkek, Kyrgyz Republic, 720000
E-mail:
radugaissykkul@mail.ru
Web-site:
www.raduga.kg
Tel. + 996 3943 57555;
Fax. + 996 3943 57622
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EBRD contact:
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Jyldyz Galieva, Operation Leader: galievaj@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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