Principles of Responsible Financing as the Basis for Institutional Structure of Project Management in the Strategic Development of Russia

Abstract

Overcoming the economic recession in Russia is possible through the funding of a limited number of priority projects that could be implemented by various mechanisms; a public-private partnerships is one such mechanism. Aim. This study aims to propose improvements in the institutional environment of public-private partnerships. Results. This study identifies problems in the development of public-private partnerships that require improved procedures for project selection and funding schemes, including corporate social responsibility, tax regulation, and standardization of preparation and implementation of investment projects. We demonstrate the necessity of establishing an association of renowned companies to successfully implement projects as a part of public-private partnerships, and we propose a functioning mechanism for such associations. Tools for public support of projects implemented as part of public-private partnerships and other forms of cooperation between the government and businesses require systematization. Therefore, we develop proposals for an adjustment of the institutional environment to enable the implementation of such projects.