An ambitious $15-billion project to create a tourist industry in Russia's volatile North Caucasus will be developed by June, a deputy prime minister and presidential envoy to the region told Russian President Dmitry Medvedev on Friday.
Alexander Khloponin said the government is expected to provide only 12% of the total cost of the project. He did not specify where the rest of the money would come from.
"This idea is wonderful," Medvedev said. "This project will allow us not only to create new resort infrastructure, but also will also create jobs - the North Caucasus's main problem right now."
The North Caucasus has been plagued by militant violence for years, with attacks on police, soldiers and officials a daily occurrence. It has also seen two brutal separatist wars in Chechnya.
Krasnoyarsk governor and former business executive Khloponin was named presidential envoy to the newly-created North Caucasus Federal District in January.
Chechen President Ramzan Kadyrov said earlier in the year the republic intends to create a large ski resort in its southeastern Argun Gorge, a former militant stronghold.
SOCHI, March 26 (RIA Novosti)