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.
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.
Invest-Raduga Limited Liability Company, registered in the Kyrgyz Republic.
USD 6 million senior loan, with a 3-year tenor.
USD 17.4 million
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.
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.
Ms. Murzaeva Yulia
Address: 35, Erkindik street, Bishkek, Kyrgyz Republic, 720000
Tel. + 996 3943 57555;
Fax. + 996 3943 57622
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