Debt financing of investment projects in Russia: realities and prospects

The article is devoted to the consideration of issues related to the current state of project financing in Russia, the provision of investment projects with the necessary sources of financing and the problems arising in connection with this. The author notes the advantages of project financing, which allow the implementation of large-scale projects under conditions of even distribution of risks. Conducting the study, the author notes the need to combine various sources in project financing: government funds, banking resources and private capital. The emphasis is on bank financing, as the most popular direction among other sources: options for joint and consistent bank financing of projects are considered, and their characteristics are given. The author highlights mixed financing (blending), the development of which has positively proven itself in world practice and is gaining popularity in our country. The main tools and examples of implementing blended finance in Russia are considered as part of the implementation of such popular programs as “Project Finance Factory”, “Infrastructure Menu”, modernization of public transport. The positive impact of the results of the application of these programs on investment processes in the regions of the Russian Federation is substantiated during the analysis of statistical information. The study identifies problem areas and presents measures aimed at creating incentives and eliminating restrictions that impede the full development of project finance.