Regional and Federal Investment Funds as an Important Tool of Territorial Development

This study examines the operation of the Investment Fund of the Russian Federation from 2005 to 2017 based on the use of public-private partnership (PPP) tools in the implementation of national and regional projects. Aim. To define the importance of investment Aim. The study aims to determine the importance of federal and regional investment funds in the implementation of PPP-based regional infrastructure projects. Tasks. The authors identify major stages in the operation of the Investment Fund of the Russian Federation from 2005 to 2017, assess the efficiency of its participation in regional projects, and identify factors that increase the efficiency of implementation of regional projects compared with similar nationwide projects. Methods. This study uses general methods of scientific and statistical analysis to identify factors that improve the efficiency of interaction between federal and regional investments in the implementation of projects aimed at territorial development and based on the principles of public-private partnership. Results. This study shows that involvement of federal and regional investments and private businesses in regional projects improves their efficiency by virtue of the special functions of federal investments. Serving as a guarantor, federal investments stimulate private investments, whereas supervision of project implementation by federal authorities leads to more thorough project development and improves the investment discipline of other participants of the project during its implementation. By 2012, PPP-based principles of interaction between federal and regional investment funds had been developed at the legislation and organization levels. We believe that these principles could help build an efficient system of investments in territorial development. However, due to the reduction of financial replenishment of the Investment Fund of the Russian Federation and redirection of its resources toward solving immediate problems, this system has never been put into practice. Conclusion. It seems appropriate to consider the re-establishment of the federal Investment Fund, with its operation oriented towards economic territorial development in conjunction with regional investment funds based on PPP.

Инвестиционный фонд РФ, Региональный инвестиционный фонд, инфраструктурные проекты, развитие территорий, государственно-частное партнерство (ГЧП), Investment Fund of the Russian Federation, Regional Investment Fund, infrastructure projects, territorial development, public-private partnership

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