A French-Russian joint venture company will invest 30 billion dollars to develop tourism infrastructure in the Caucasus region, a Russian politician said Wednesday, February 8, M&C reported quoting DPA.

The money will go towards the renovation of skiing and seaside resorts, and could create as many as 330,000 jobs in the territory, said Senator Akhmed Bilalov in a meeting with journalists in Russia's Foreign Ministry.

The Black Sea city of Sochi, the venue of the 2014 Winter Olympic Games, will receive funding along with four other districts slated for intensive tourism infrastructure development, he said.

The French-Russian group International Caucasus Development will oversee the project, said Bilalov.

Russia's Arkhys resort in the foothills of Mount Elbrus, which at 5,642 metres is Europe's highest mountain, is the first district scheduled for an upgrade. Some new tourist facilities will be ready for visitors in December, Bilalov said.

Russian President Dmitry Medvedev and French President Nicolas Sarkozy in August announced plans for a joint venture to invest as much as 30 billion dollars in tourism industry infrastructure in the Caucasus districts.