Northern areas development instruments of the Krasnoyarsk region

The paper deals with the development of underdeveloped territories of the Russian Federation. Attention is paid to the task of developing the territory in the Krasnoyarsk Region, which was called the Lower Angara Region. The causes of failures in the implementation of the program for the integrated development of the northern region in the Soviet period are investigated. It is proposed to develop a new program for the integrated development of the Lower Angara Region using a cluster approach. To do this, it is proposed to form several industrial clusters on the territory of this region. As one of the mechanisms for financing enterprises of industrial clusters, the issuance of corporate bonded loans by them is considered. To substantiate the bond mechanism for financing enterprises of industrial clusters, an analysis of the state of the domestic bond market was made. In the process of analysis, the main segments of the corporate bond market of the Russian Federation were identified and their brief description was given. A forecast was made for the development of the Russian corporate bond market in the short and medium term. It is proposed to use, in addition to the bond financing mechanism, equity financing for financing industrial cluster enterprises, including through the issuance of shares of joint-stock companies and shares of limited liability companies. At the same time, in order to use the bond mechanism for financing enterprises in the industrial clusters of the Lower Angara Region, it was proposed to form a regional financial infrastructure, which should include a specialized financial organization, a financial consultant acting as an underwriter, a paying agent, as well as a promissory note and banking broker. The use of regional financial infrastructure will allow enterprises of industrial clusters to gain access to relatively cheap and long-term financial resources. According to the authors, the integrated development of the Lower Angara Region based on industrial clusters will solve economic problems both in the Krasnoyarsk Region and in the Russian Federation.