Azerbaijan wants to attract over $240M to create tourism complexes in its regions

Business Materials 8 June 2016 19:21 (UTC +04:00)

Baku, Azerbaijan, June 8

By Azad Hasanli - Trend:

Azerbaijan wants to attract foreign investors to the creation of the Water & Fire tourism complex in the country's Khyzy district.

The Water & Fire project was published in the 2016 investment catalogue of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

Total cost of the project, which is initiated by Azerbaijan's Ministry of Culture and Tourism, is estimated at $200 million. The payback period is 15 years. The project is aimed at developing beach tourism, nature tourism and cultural tourism.

Among other tourism projects, which were included in the investment catalogue, there are the establishment of the Gala resort, worth $11.7 million, in Azerbaijan's Goygol district, the Bello Bonty resort ($10 million) in Nabran, Yaroglan recreation center ($10 million) in Lankaran, modernization of the recreation center in Naftalan ($12.3 million) and others.

Payback period of the projects varies from five to 10 years.