Russian Journal of Economics and Law (Dec 2014)
Means of financing the transport infrastructure development at region al level
Abstract
Objective: to analyze the principles of transport infrastructure financing by infrastructure loan securities issue. Methods: analysis, synthesis, deduction, induction, ascent from the abstract to the specific, graphic and logical methods, modelling, formalization, visualization. Results: Basing on the draft Federal Law “On the features of infrastructure investment with infrastructure loan securities”, the pattern of transport infrastructure financing was designed. Various means of the infrastructure project implementation were proposed. The potential and lawful types of guarantees are presented, which increase the investors’ trust and reduce risks. The possibility is analyzed to implement the proposed pattern of financial provision of the state-significant projects in a particular region, taking into account the prerequisites, prospects and conditions of state-private partnership development programs. Scientific novelty: For the first time the article grounds the new solution of the problem of transport financing; a specific form of state-private partnership is proposed, taking into account the complex conditions and factors, never viewed before. Practical value: elaboration of the specific model of financial provision of transport infrastructure at the regional level. The authors propose amendments in the draft Federal Law “On the features of infrastructure investment with infrastructure loan securities”. The financing pattern and the amended normative-legal base will allow to broaden the list of financing tools by the qualified investors, such as non-state pension funds, insurance companies, etc. This will also strengthen the links between state and private capital and promote the qualitative economic development, gross regional product growth, gross national product growth, elimination of equipment deterioration, and socially-significant projects implementation. The main provisions of the article can be used inscientific research of the issues of financial provision of both repaying projects and the non-profit ones which do not generate positive monetary flow but have positive social and economic effect.
