Rostourism, the Russian Federation’s Federal Agency for Tourism, introduced a program of concessional loans to investors for hotel development and restoration, Zarina Doguzova, the department’s chief, announced.
“By 2024, we predict that the number of loans granted would be around 200 billion rubles. These monies will be used to begin the development of almost 20,000 contemporary rooms, ”she added.
According to the government, investors would be able to obtain soft loans at a rate of 3-5 percent over a 15-year term. The loan amount might range from 100 million to 70 billion rubles, depending on the accepted conditions, and the project itself must …
