Importance Researches in the field of investment climate evaluation, as well as permanent discussions about the low level of investment attractiveness of Russia and the constituent territories of the Russian Federation have been quite popular in recent years. At the same time, this topic is of particular interest for the regions of the North Caucasian Federal District. Objectives The article aims to study the investment potential and the implementation of infrastructure projects in the North Caucasian Federal District. The North Caucasus Federal District requires developing new comprehensive methodologies to evaluate the investment climate and investment attractiveness of regions, since a number of factors and specific conditions within the country do not allow having an objective assessment of actual processes, the dynamics of development, and the level of infrastructure projects implementation. Methods Most of the guidance papers in the area of researching the investment climate of the constituent territories of the Russian Federation have similar methodological approaches and include general evaluation criteria and performance measures. The international experience and analysis of methodological approaches to the evaluation of investment climate by foreign rating agencies include the following blocks: economic growth, financial sustainability, fiscal policy, economic diversification level, innovation development, and social and legal spheres. Separately, the following areas are identified in the infrastructure: provision with electricity, water supply, transport infrastructure and installation of telephone services. Results The investment climate is characterized from a position of dynamics of investment inflow or outflow in the constituent entities of the Russian Federation and reflects the general dynamics of investors' preferences based on profit maximization and satisfaction from financial investments. Taking into account the prioritization of budget spending on infrastructure projects, I emphasize the need to assess the implementation of integrated investment projects and the balance of interests of all participants of an investment process, which will enable to enhance the investment policy efficiency. Conclusions The paper attempts to assess the implementation of investment activity and its results taking into account infrastructure construction projects in the regions of the North Caucasian Federal District.
Keywords: investment, policy, climate, infrastructure project, integrated project, financing, North Caucasian Federal District
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