Evaluation of the effectiveness of using borrowed resources to finance investment projects of IT infrastructures’ creation

One of the most important issues in making investment decisions is the sourcing and selection of specific financing instruments. In this article the author considers the peculiarities of financing infrastructure projects in telecommunications using borrowed funds - investment loans and leasing. Special attention is paid to the comparison of economic effects from the use of these instruments, primarily to save on income tax, at current prices and taking into account the time value of money. The provisions made by the author in the theoretical part of the article are supported by practical example. The author comes to the conclusion that companies should use the leasing in the conditions of insufficiency of own funds for financing real investment projects to build the IT-infrastructure. In the article the author proposes measures to stimulate investments in capital assets to create in Russia a modern, reliable infrastructure of information systems.