The Goddard Group and Moschanko Investment Group have been given the go-ahead by Russian President Vladimir Putin to develop and build a US$4bn (€3.6bn, £2.8bn) theme park near Moscow.

Called “The Magical World of Russia”, the new project has been touted as a major destination and resort theme park that will “reflect Russian and other international cultures”.

The development gained the endorsement of President Putin at a recent meeting involving the Kaluga region’s governor, Anatoly Artamonov.

2.2sq km of land has been allocated for the development, which according to the governor, will be easily accessible by road, rail and air, and will include the world’s largest waterpark. The complex will also host several sections, including interactive, educational programmes for children and a number of hotels.

The project will not require financing from the state budget, according to the government, with the full sum coming from private investors, primarily Moschanko, which is also developing and managing the project.

“I am happy to see my long-held dream of creating a true theme park and resort for Russia finally becoming a reality,” said Gene Moshkovich, the founder of Moschanko Investment Group.

“From the moment I had my first idea for this park and resort, I never doubted it would be realised but I also knew I needed the best people in the themed-entertainment and design industry. For this reason, I partnered with Gary Goddard and his Goddard Group. He and his team are helping me shape my vision for this wonderful new family destination.”