“Project Finance Factory” as a mechanism for attracting investments in the Russian Federation’s major projects: results and prospects

The paper examines, from a scientific and practical points of view, the issue of implementing an investment policy relevant to the socio-economic development of the Russian Federation (hereinafter referred to as RF, Russia), one of the tools for which is the mechanism of project financing. Based on the analysis of interpretations of the studied phenomenon by experts, the authors substantiate the expediency of supplementing the interpretation of the term based on the theoretical provisions of the process approach. As a result, the authors’ approach to the list of process groups for managing the project financing mechanism is formulated and their synchronisation with project management process groups is proposed. This opens new areas of research on the mechanism in the context of project management theory. Its features in Russia are revealed, and advantages in the implementation of large infrastructure projects are argued. The financial mechanism of the “Project Finance Factory” (hereinafter referred to as Factory) is revealed – a joint initiative between VEB.RF and the Ministry of Economic Development of the RF, whose activities are founded on the provision of financial resources to borrowers on the basis of a syndicated lending agreement. The innovations aimed at improving the Factory are considered, the authors’ interpretation and justifications for a positive assessment of the improvements are presented. Along with this, there are reserves for increasing the effectiveness of the mechanism under consideration. The authors summarise that the Factory, due to its significant contribution to the development of key sectors of the Russian economy, is an institutional mechanism for interaction between the state and business.

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