The article states that the Russian theory, legislation and practice lack a clear definition of the substance of infrastructure project financing with the help of such an innovative mechanism as infrastructure bond issue. The authors emphasize the importance of studies enabling to understand how to remove infrastructure constrains of economic growth through implementing investment projects financed by infrastructure bond issuance. Using a system approach, the authors explain such concepts as "a special purpose vehicle", "a mechanism of preparation and holding the issue procedure", "a scheme of investment projects financing with the help of infrastructure bonds and the main areas of this process improvement". The authors substantiated the application of the Russian regulatory framework for infrastructure bonds' issue and realization to finance various types of projects. In addition, the authors summarize the experience in infrastructure bonds' issue and realization to invest in the infrastructure construction, analyze the procedure for strategic due diligence of investment projects financed from the National Welfare Fund, including the use of the infrastructure bond issue mechanism, make proposals on the use of bonds in structuring investment projects of different scales. The study proves that the offered mechanism of infrastructure project funding can have practical application for large nation-wide projects and projects implemented by medium-size businesses. The conclusion is that Russia has a good basis to further improve infrastructure bonds as a market tool, to expand the use of this mechanism, to build and develop the internal segment of the Russian financial market, the instruments of infrastructure project financing.
Keywords: infrastructure, bonds, constrains, economic growth, concession agreements, contracts, life cycle, public-private partnership, special purpose vehicle, specialized project finance company, general meeting, bond owners, share retention agreement
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