Head of Kabardino-Balkarian Republic Reports RUB 68 Billion Investment in Fixed Capital for 2023

20 May

The volume of investments in the fixed capital of the Kabardino-Balkarian Republic (KBR) for 2023 reached nearly 68 billion rubles, marking an 8% increase compared to the previous year. This was announced by the head of the region, Kazbek Kokov, during a meeting with Russian President Vladimir Putin.


"In 2023, about 68 billion rubles were invested in fixed capital, or 108% compared to the same period last year," Kokov stated in response to the President's inquiry about the implementation of investment projects in the republic.


Kokov highlighted that Kabardino-Balkaria is working on significant investment projects approved by the Russian government. "For the development of the Elbrus resort from 2024 to 2026, it is planned to invest 14.5 billion rubles in budget funds. These funds will be directed towards infrastructure improvements, including the expansion of the skiing area to 35 km, new lifting mechanisms, and parking spaces. Additionally, participants in the free economic zone will invest approximately 39 billion rubles in hotel complexes and leisure facilities," Kokov detailed.


Another major project underway in the republic is in the agricultural sector. The first stage, covering 100 hectares for indoor vegetable cultivation, has been completed. "The project itself is worth about 18 billion rubles, with 37 hectares already operational as of July 2023," explained Kokov.


Furthermore, two large neighborhoods are being developed in Nalchik: Vostochny, covering about 1 million square meters, and Mey, about 300,000 square meters. The regional authorities anticipate an economic boost from these projects due to agreements with developers to allocate 10-20% of commercial space, which will be in high demand by entrepreneurs.


"In addition, we are optimistic about the imminent launch of the Tyrnyauz tungsten-molybdenum plant, a very large project. Regarding the IT park, we are progressing well. We have been granted land for this major project, which we plan to implement in collaboration with Kavkaz.RF. Our efforts in training skilled programmers necessitate the appropriate infrastructure, and currently, they are operating in commercial premises," Kokov added.



GSV "Russia - Islamic World"

Photo: GSakinat/Creative Commons 4.0

Based on materials from TASS