Why the investment project for the construction of a hotel in Minsk was not realized
An interesting document has come into the possession of BELPOL, which once again demonstrates the fact that the dictator and his officials are, to put it mildly, lying. and exaggerate the thesis that "sanctions don't work", "sanctions only make our economy stronger", "import substitution is our everything" etc.
Okay, In August 2015, Lukashenko issued Decree No. 348-dsp "On the construction of a multifunctional hotel complex in Minsk".. According to his provisions, UAE companies: the investor is . "Copaonic Property Investment LLC." and the customer is KPI Development LLC before 31.12.2023 were to erect 5-star hotel complex in Minsk within the boundaries of M.Bogdanovicha - Ya.Kupala - Svisloch river.
However, the construction of the facility has not been completed to date.
For the current period of time historic buildings were reconstructedin which a boutique aparthotel is open. "The Basilian Minsk, Curio Collection by Hilton." operator-controlled "Hilton."A pedestrian bridge over the Svisloch River was built. This is the second and third stages of construction. But works on the first phase of the project - the main 5-star hotel are still underway.
The investor explains the untimely realization of the project:
- negative impact of sanctions pressure on the Republic of Belarus in 2022-2023 by "unfriendly states" in terms of restrictions (ban) on imports of materials and equipment into Belarus, which resulted in longer production and delivery times;
- the need for the investor, client and general contractor to restructure the financing and all project settlements from US dollars to eurosIn addition, the Company is seeking alternative payment options for foreign suppliers due to the discontinuation of payments in US dollars, as well as the refusal of a number of foreign banks to work with the Republic of Belarus.
In this regard, A new version of the dictator's decree to extend the project's implementation until the end of 2024 is planned.
Sanctions are working. BELPOL continues to monitor the situation.
Long Live Belarus!
