Improvement of the procedure for issuing of sub-federal securities intended for financing infrastructure projects

The subject of the research is the mechanism for issuing government securities of the constituent entities of the Russian Federation in order to finance infrastructure projects. The relevance of the research is due to the need to study the interrelationships of the emission of the securities and the implementation of infrastructure projects, since the current regulatory framework does not allow borrowing by issuing sub-federal bonds with an indication of their specific target area. The purpose of the study is to develop recommendations for improving the infrastructure projects financing using government securities of the constituent entities of the Russian Federation. The research was carried out using systematic, structural and comparative analysis and grouping methods, including generalizations of the concepts of investment-loan systems (programs) proposed in the earlier studies, and statistical methods. The phases of sub-federal securities issuing and the implementation of infrastructure projects identified by the author are grouped according to five stages typical for both processes (preparatory stage, decision-making stage, performance-making stage, stage of preparation, review and approval of reports, control stage). It was revealed that the stages of the emission and investment blocks are interconnected through the phases of the regional budgetary process within the same stages, and it is justified that it is advisable to assign the source of the infrastructure project financing - the sub-federal bonded loan - at the phase of sub-federal bond issue planning. On the basis of the obtained scientific results, a model for infrastructure projects financing with the use of sub-federal bonds was developed, based on the application of a comprehensive program approach that provides for parallel implementation of the phases of the issue and investment blocks within each of the stages and their interconnection through the budgetary process of the constituent entities of the Russian Federation.