Subject The article analyzes project finance as one of the most efficient mechanisms enabling to accumulate various financial resources to implement investment projects. Objectives The project finance is considered as a system that includes many elements (participants, objects of financing, contracts, risk management, infrastructure), which are closely interrelated and ensure the efficiency of financial flows. It discloses the characteristic features of the modern stage of project finance development that is focused on sustainable economic growth, innovative development, and the global economy. Methods I use the normative and holistic approach to investigate the efficiency of taxation in the oil and gas sector, general scientific and special methods of scientific cognition, like retrospective, systems and functional-structural analysis, observation, and classification. The study employs various tools, namely grouping, sampling, comparison, synthesis, evolutionary and dynamic analysis. Results Implementing investment projects involving both the State and private investors at the regional level is a promising mechanism in the context of insufficient infrastructure development and limited budgetary sources of financing. Conclusions The article provides an analysis of promising mechanisms of project finance in regions, and considers the possibility to use public-private partnerships.
Keywords: investment, public investment, financing, project finance, project finance mechanism
References:
Ezangina I.A., Storozhilov N.A. [Strengthening the role of development institutions in the banking project financing]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, no. 6, pp. 20–33. URL: Link (In Russ.)
Kovalev P.P. [Providing project financing institutions of the banking sector]. Ekonomika: vchera, segodnya, zavtra = Economics: Yesterday, Today and Tomorrow, 2018, vol. 8, no. 1A, pp. 68–79. URL: Link (In Russ.)
Larionova E.A. [Promising mechanisms for the implementation of investment projects with the participation of the State]. Vestnik nauki, 2018, vol. 1, no. 9, pp. 130–131. (In Russ.) URL: Link
Murtazaliev Sh.A. [Key problems of project financing schemes realized in Russia]. Ekonomika i biznes: teoriya i praktika = Journal of Economy and Business, 2019, no. 1, pp. 171–173. URL: Link (In Russ.)
Nikonova I.A., Smirnov A.L. Proektnoe finansirovanie v Rossii. Problemy i napravleniya razvitiya [Project financing in Russia. Problems and directions of development]. Moscow, Konsaltbankir Publ., 2016, 215 p.
Pereverzeva V.V., Yur'eva T.V. [Project finance in the project management system]. ETAP: Ekonomicheskaya teoriya, analiz, praktika = ETAP: Economic Theory, Analysis, and Practice, 2017, no. 5, pp. 36–45. URL: Link (In Russ.)
Pereverzeva V.V., Yur'eva T.V. [Infrastructure projects as a factor of optimizing the regions’ nvestment processes]. Regional'naya ekonomika i upravlenie: elektronnyi nauchnyi zhurnal, 2018, no. 1, pp. 9. (In Russ.) URL: Link
Pereverzeva V.V. [Project finance mechanism for investment project realization]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2018, no. 3, pp. 24–32. (In Russ.) URL: Link
Titov V.O. [Background and evolution of the project of financing mechanism]. Uchenye zapiski Sankt-Peterburgskogo universiteta upravleniya i ekonomiki, 2014, no. 2, pp. 43–64. (In Russ.)
Chugunov V.I., Kolomasova R.A. [Development of the mechanism of project financing in the context of increasing investment activity of the national economy]. Finansovaya zhizn' = Financial Life, 2019, no. 2, pp. 88–92. (In Russ.)
