5. Anastasiya V. Kol’chugina

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

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Anastasiya V. Kol’chugina

Senior Researcher of the Institute of Economics of RAS, Ph.D. in Economics

Nakhimovskiy Ave 32, Moscow, Russian Federation, 117218

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.

Keywords:Investment Fund of the Russian Federation, Regional Investment Fund, infrastructure projects, territorial development, public-private partnership.

Citation: Kol’chugina A. V. Regional’nye i federal’nye investitsionnye fondy kak instrument razvitiya territoriy [Regional and Federal Investment Funds as an Important Tool of Territorial Development]. Ekonomika i Upravlenie, 2018, no. 9 (155), pp. 32–39.

References

  1. On approval of the Rules for the formation and use of budgetary appropriations of the Investment Fund of the Russian Federation. Decree of the Government of the Russian Federation dated March 1, 2008 No 134 (as amended on 23.12.2016). Available at: http://legalacts.ru/doc/postanovlenie-pravitelstva-rf-ot-01032008-n-134/. Accessed 02.05.2018. (in Russ.).
  2. On order of distribution and granting within budgetary appropriations of Investment Fund of the Russian Federation to budgets of territorial subjects of the Russian Federation of subsidies for implementation of the projects having regional and interregional value. Decree of the Government of the Russian Federation dated October 30, 2010 No 880 (with changes and additions) (has become invalid). Available at: http://base.garant.ru/12180025/#ixzz5WMa7Y4Uc/Accessed 02.05.2018. (in Russ.).
  3. Analysis of the effectiveness of the implementation of large-scale projects and programs in the constituent entities of the Russian Federation on the terms of public-private partnership. Analytical note on the results of expert-analytical event. Available at: http://audit.gov.ru/upload/iblock/dfa/dfa0b7a858d195ba5e538f141ea9c6e8.pdf. Accessed 02.05.2018. (in Russ.).
  4. Sharipova E. Analysis of the projects of the Investment Fund of the Russian Federation (2007– 2010). An analytical study. Moscow, 2011. 19 p. (in Russ.).

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