Project financing as a prospective tool for financial support of economic growth

Project financing is an effective tool for financial support of sustainable economic growth, which is confirmed by both foreign and Russian practice in recent years. Based on the analysis of the main trends and directions of the use of project finance in Russia in construction, during the implementation of infrastructure projects and in activities of development institutions to attract private investment into the project financing system, the advantages of its implementation were identified, as well as problems limiting its effectiveness. The ways of development of tools and directions of using project financing are proposed by expanding the scope of its application to high-tech sectors of the economy, primarily mechanical engineering; increasing the range of financial instruments based on the issuance of target bonds; improving the mechanism of project financing in construction; taking into account the target guidelines for supporting innovative processes through the use of the project financing mechanism at all stages of the innovation life cycle.