Five modern skiing resort complexes are to be developed in the North Caucasus, Russia, as part of a major US$15bn (£9.7bn, EUR11.1bn) plan designed to transform the region.

Northern Caucasus Resorts Company (NCRC) has been tasked with leading the scheme on behalf of the Russian government, with the company to build and operate the five sites.

Lagonaki in Krasnodar territory and Republic of Adygea; Matlas in Dagestan; and Arkhyz, Karachay-Cherkiessia are earmarked for skiing resort developments.

Mamison in the Republic of North Ossetia-Alania and Elbrus-Besengi, Kabardino-Balkaria, will also host resorts under the plans, which feature 897km (557 miles) worth of ski slopes.

French, German and Korean companies are among the international investors thought to be involved with the development, with the Russian government also contributing funding.

Each of the five resorts are expected to be built to comply with 'green' standards, including the UK's BREEAM and the US' LEED systems.

It is anticipated that future stages of the tourism project will also include the construction of medicinal hot spring spa mountain resorts and beach complexes.

NCRC hopes to have the first resorts operational in 2014, with 5 million visitors expected to travel to the region each year.