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The government will allocate a billion for loans for the development of ski resorts

The government will allocate 1 billion rubles. to subsidize the preferential lending program in the tourism sector. This money will go to investors who create infrastructure for ski resorts. The order on this was signed by Russian Prime Minister Mikhail Mishustin.

Initially, the program for providing preferential loans in the tourism sector applied only to the construction and reconstruction of hotels; it was launched in 2021. But after 2 years, the program was expanded, adding support for water parks, year-round amusement parks, as well as the infrastructure of ski resorts.

The allocated funds will be used for the development of large resorts, which are designed for at least 500 thousand tourists per year. According to the document, new facilities will need to achieve this indicator within 2 years after they are put into operation. Interestingly, when the program was expanded, the standard for ski resorts was slightly lower – 450 thousand people per year.

“The decision will help attract new investors to the industry and stimulate the creation of high-quality tourism infrastructure,” the government explained.

However, it is not yet clear how achievable these goals are. Under the terms of the program, the government promises to subsidize loans so that investors can receive borrowed funds at a rate of 3–5%. But since the Central Bank keeps the current key rate at a high level (16%), it is easier for banks to engage in regular short-term loans at a higher interest rate than to get involved with tourism investment projects that involve a long approval procedure and a long repayment of money. In addition, with a high key rate, the amount of government support for each loan increases. In other words, the allocated billion will quickly run out. Especially considering that this is not a very large amount for the real estate market – for example, the buyout of the Aerohotel in Domodedovo cost the investor 1.7 billion rubles.

Let us add that when planning the budget on the part of the state, there has been a tendency to cut expenditure items that are not considered a priority. In October last year, they decided to significantly reduce funding for the state program “Tourism Development” – only 43.4 billion rubles were allocated for these purposes, 9.2% less than expected. However, no funding was provided for subsequent years. Tourdom.ru wrote that because of this, one of the goals of the national project was called into question – doubling tourist trips around Russia.

Source: Tourdom

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