France to Develop North Caucasus Resorts

According to the Russian media outlet Kommersant, a French state bank is planning to allot Euro 10 bln for the development of Russian North Caucasus resorts. France is ready to invest in this project under state guarantees to return investments in case of terrorist attacks and military activities. Allegedly, this agreement was reached on May 26 by the heads of state of France and Russia. The possible directions of investments will be Karachay-herkessia, Adygea, Kabardino-Balkaria, North Ossetia and Dagestan. All these are Russian Federation entities in the north Caucasus. As French ambassador to Georgia HE Eric Fournier stated he did not know the details of the deal but he knew about the possible French investment in Gudauri and Mestia developments which are the part of a French policy of assistance in Georgia’s development.