The European Bank for Reconstruction and Development (EBRD) is partnering with the Kyrgyz Investment and Credit Bank (KICB) to renovate Ak Bermet, a resort on Lake Issyk Kul, the groups announced Tuesday.

According to EBRD, the area has potential to increase as a holiday destination and to help overall tourism in Kyrgyzstan.

The financing package amounts to $500,000 to improve water and wastewater systems, improve the resort's beach areas, install energy-saving upgrades to systems, and add a pool. The grounds will also be redesigned with this funding.

“We are pleased to support the Ak Bermet resort together with our partner, KICB," head of EBRD's Kyrgyz Republic Office Larisa Manastirli said. "Support for resource-efficient investments among small and medium-sized businesses, particularly in the regions, is one of the EBRD’s core objectives in the Kyrgyz Republic."

The resort is a popular destination in a region that as a whole has 1 million travelers visit each year. Visitors largely come in from Russia or Kazakhstan.