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EBRD and IFC to provide €50m for hotel business in Russia


2010-07-26

The European Bank for Reconstruction and Development (EBRD) in cooperation with the International Finance Corporation (IFC) intends to allocate a total of €50.6m for the development of the hotel business in the Russian provinces.
Each organisation will provide €22.6m. The money will be spent on the construction of medium class hotels Russia: in Samara, Krasnoyarsk, Kaliningrad and Yaroslavl within the next 2-5 years.
The hotels will be run by Accor, an international hotel operator. The project will be implemented by Russian Hotel Investment, which is co-owned by the Akfen Holding and the Kayi and Insa groups. The EBRD and IFC plan to invest €3.2m and €2.2m correspondingly in the capital of Russian Hotel Investment.

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