The article deals with the approaches to finance management to implement regional programs. It also considers a methodology for choosing an efficiency relevant criterion of investment projects. The principal factors, mechanisms and methods to plan capital investments and the mechanism to control investment recoupment are the author's study subjects. The author marks the cost-based methods of a project budget financing, shortage of investment in the production and social spheres, predomination of the budgetary sources, low activities of investors and banks' participation in financing of regional programs, as the main problems of the processes. Under these reasons the author puts forward a proposal to use an integrated criterion to select regional projects on the basis of calculation of indicators of the budgetary, social, economic and ecological efficiency.
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Order of the Ministry of Regional Development of Russia “A method of calculation of indicators and application of criteria of efficiency of the regional investment projects applying for receiving the state support at the expense of budgetary appropriations of investment fund of the Russian Federation” of October 10, 2009 № 493. Available at: Link. (In Russ.)
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