The European Bank for Reconstruction and Development (EBRD) agreed a $1.2m loan to Naryn LLC, a local real estate development company, to finance the construction of an economy class hotel, the Elmira Inn, in the Kyrgyz Republic.
The hotel, which will be able to accommodate approximately 110 people, will be situated in the Issyk-Kul Lake region, a holiday attraction for tourists from Russia, Kazakhstan and also from western Europe, in close vicinity of the renowned health resort “Kyrgyzskoe Vzmorie”.
The hotel will be built with the implementation of energy saving and renewable energy techniques, such as solar technology, which will enable Elmira Inn to save about 480Mwh annually.
Commenting on the project, Kenji Nakazawa, Head of the EBRD office in the Kyrgyz Republic, said: “We are pleased to support the construction of this modern and affordable hotel in the beautiful region of Issyk-Kul Lake. While demonstrating the benefits of renewable energy technologies, this project will bring quality hotel service to people with medium income, thus boosting further tourism in the Kyrgyz Republic”.