Andrey Yumshanov presented the concept of Kavkaz.RF's new strategy at the 2026 North Caucasus Financial Forum.
Responding to the moderator's question about the role of a development institution at the business session "The North Caucasus: A Sleeping Titan for Investment – How to Awaken It?", the head of Kavkaz.RF shared the main approaches to developing the company's new strategy through 2030.
Since its establishment in 2021, Kavkaz.RF has focused on increasing investment activity and strengthening financial institutions in the North Caucasus. In addition to building "heavy" infrastructure, the company was tasked with creating conditions for banks to operate in the North Caucasus Federal District by sharing risks and creating a favorable environment.
"Our role as a development institution was not only to directly finance areas deemed a priority by the state, but also to attract funds from other development institutions, banks, and businesses by creating favorable conditions in the district. One of the key indicators of our work is the stable dynamics of banks' share in the projects we support. "While it was zero in 2021, by 2025 it had reached over 35%, or 18.3 billion rubles, along with funds from project initiators. In other words, by using our own instruments, we attracted credit institutions to the projects and increased their trust in the macro-region," explained Andrey Yumshanov.
These were the fundamental principles on which the development institution was built, but over time, the North Caucasus Federal District and Russia as a whole underwent significant socioeconomic transformations, the economy changed, and turbulence arose in various sectors. In order to steadily and consistently develop the territory, Kavkaz.RF needed to adapt its activities to current realities and set new goals.
What changes are in the new strategy? The main one is the definition and systematization of particularly important tools and areas of activity. These areas are threefold: the comprehensive development of the SEZ, including work with residents, the packaging and promotion of resorts, financial and non-financial support for investment projects, and government consulting related to labor productivity and human resource development. Kavkaz.RF manages three mountain resorts at various stages of development (a fully-fledged cluster with growing tourist flow, one recently launched, and one under construction), and is also building a seaside resort on the Caspian Sea. The company's resorts currently host approximately 2 million visitors. Currently, 112 residents work there, having invested 29 billion rubles and created 1,284 jobs.
By 2030, a major round of construction is planned to be completed, ensuring the resorts operate optimally: within the special economic zones of the North Caucasus, over 160 km of ski slopes, over 35 cable cars, and 6 km of developed beaches will be operational, with over 20,000 accommodations created, and tourist flow estimated at 4.5 million people (36% of the total tourist flow in the North Caucasus Federal District).
To complete construction of the resorts for optimal operation, an additional investment of approximately 38 billion rubles is required. The company faces the challenge of revising its funding sources and increasing its profits.
"Kavkaz.RF includes several promising subsidiaries, and by improving their efficiency, we will be able to achieve significant financial results. These include Kavminkurortresursy, North Caucasus Mountain Club, KRSK-UA, and a new company, Kavkazengineering, which was presented for the first time at the KIF.
Regarding investment project support, given limited budgetary resources, we will focus our efforts primarily on breakthrough projects outlined in the Economic Development Models for the North Caucasus Federal District, approved by the Government of the Russian Federation. By 2030, we plan to support 16 breakthrough projects and projects of SEZ residents, with a total value of 42.5 billion rubles, using banking instruments," notes Andrey Yumshanov.
In addition to issuing preferential loans, Kavkaz.RF provides non-financial support to businesses. Twenty-three enterprises have already received support through various measures, including market expansion and collaboration with regional authorities, banks, and development institutions to obtain preferential loans.
A separate new area is government consulting, which includes measures to improve labor productivity in tourism companies, enhance human resource capacity, and provide business support.
According to various estimates, by 2029, the labor shortage in the tourism and recreational special economic zones in the North Caucasus Federal District will reach 14,000 people. Labor productivity in the tourism industry is 2 million rubles per person (versus 2.58 million rubles in the Russian Federation).
To address these issues, an industry competence center for tourism and an association for human resource development were established within Kavkaz.RF. The company is already participating in 13 projects to improve productivity at tourism facilities and four projects in other industries.
Furthermore, Kavkaz.RF is a strategic partner in two educational clusters and, together with Headhunter, launched a job and employee search portal.
The impact of these initiatives will be assessed against the national development goals of Russia through 2030 and through 2036, approved by the President of Russia.
"Kavkaz.RF is fully committed to addressing the region's challenges, utilizing all available resources and tools. We recognize the scale of the challenges facing the district, and while we cannot solve them alone, our contribution to improving the investment climate is crucial. We act as a link between government priorities and market mechanisms. Our mission is to facilitate the economic development of the North Caucasus and improve the quality of life. Our main strategic objective is to identify and develop growth areas that will unlock the full potential of the macroregion," concluded Andrey Yumshanov.