Subject. This article focuses on the project financing in Russia and its role in addressing the problems of low investment and innovation activities. Objectives. The study aims to analyze the application of project financing approaches as a tool aimed at investment stimulation for technological upgrading and infrastructure development. Methods. For the study, I used methods of induction, deduction, systems analysis, and statistical analysis of numerical data. Results. The article reveals that existing project financing tools do not fully allow resolving issues related to the wear and underdevelopment of transport, energy, and other infrastructure. It is necessary to develop a comprehensive approach to increasing the investment attractiveness of regions. Conclusions. The application of a cluster approach is relevant. In a number of regions, there is a successful practice of operating industrial-production, transport-logistics, and tourism-recreational clusters. The further development of the cluster approach with the expansion of its application from individual sites to use at the regional and interregional levels seems promising.
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