PROJECT FINANCING FACTORY AS A TOOL FOR INCREASING THE SHARE OF INVESTMENT IN GDP

Abstract

He purpose of the article is to present a comprehensive description of the results of the first year of the Project Finance Factory, to evaluate their impact on the growth of investments in fixed assets and to develop proposals for improving the mechanism of state support for project finance in Russia. The article examines the problems of ensuring the breakthrough scientific, technological and socio-economic development of Russia for the period up to 2024. One of the factors of such development is analyzed - the share of investments in fixed assets in GDP, as well as a tool to increase the share of investments - the State Program for Supporting Project Finance “Project Financing Factory”. The main purpose of the study is comprehensively analysis of the results achieved during the first year of operation of the Project Financing Factory. The subject of the research is the mechanism of state support for project financing as a financial source of financing for strategic investment projects. In the article the dynamics and prospects of increasing the share of investments in fixed assets in GDP are analyzed, sources of investment resources, as well as project financing, as one of the tools to increase financial support for investment activity and sectoral growth of investments. The article takes stock of the Project Financing Factory’s first year. In general there are positive results achieved by launching the mechanism of state support for project financing. The list of participating banks was expanded significantly, projects in the chemical industry are approved, as well as the first major infrastructure project in the mining industry, launched the DataRoom system to simplify the procedure for considering applications for funding. Still the mechanism of the Project Financing Factory is not fully operational yet. The resources of institutional investors should be involved. There is need to increase the number and cost of approved projects and the number of projects with syndicated funding. Factory must ensure significant increase in investment in the manufacturing industries. In order to activate the investment process strategic industries list must be expanded as well as some operation rules changed. The research results can be used by project initiators while considering participation in the program of state support for project financing.