Subject The article provides a rationale for the role of project financing in sustainable economic growth of the Far East through new forms of spatial distribution of productive forces, namely priority social and economic development areas. Objectives The aims are to analyze tools for stimulating regional development by means of creation of territories with special business regimes; to reveal specifics of project financing, determining its paramount importance in implementing the priority development area project and setting-up centers and axes of growth in the Russian Far East. Methods The study rests on empirical research methods (comparison, description, measurement) and general logical methods (generalization, induction, systems approach, statistical methods and techniques. Results We substantiate the priority use of project financing as a source of investment project realization by residents of priority development areas. The paper includes estimation of needs of priority development area investment projects for borrowed funds, and their conformity to available resources of specialized funds and targeted bank loans (on the Sberbank of Russia case). Conclusions The formation of the institution of priority development area rests on basic concepts of regional growth. We define the specifics of project finance, which provides for its priority use as a financial resource to implement investment projects for priority development areas.
Perroux F. Note on the Concept of Growth Poles. In: Economic Policy for Development: Selected Reading. Paris, Harmondsworth, Penguin, 1971.
Polarized Development and Regional Policies: Tribute to Jacques Boudeville. The Hague, Mouton Publishers, 1981.
Porter M. Clusters and the new economics of competition. Harvard Business Review, 1998, no. 76(6), pp. 77–90.
Friedmann J. A General Theory of Polarized Development. Santiago, Ford Foundation Program of Urban and Regional Development in Chile, 1967, 156 p.
Lasuén J.R. Urbanisation and Development – the Temporal Interaction between Geographical and Sectoral Clusters. Urban Studies, 1973, vol. 10, no. 2, pp. 163–188
Hagerstrand T. Innovation Diffusion as a Spatial Process. Chicago, University of Chicago Press, 1967, 350 p.
Gareev T.R., Eliseeva N.A. [A model of commodity flows of the exclave region: Seeking the rent of ‘transition period’ of special economic zone]. Baltiiskii region = Baltic Region, 2014, no. 1, pp. 72–90. (In Russ.)
Yescombe E.R. Principles of Project Finance. Academic Press, 2002, 344 p.
Esty B.C. Modern Project Finance: A Casebook. John Wiley & Sons, 2003, 544 p.
Gatti S. Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects. Academic Press, 2012, 496 p.
Nikonova I.A. Proektnyi analiz i proektnoe finansirovanie [Project analysis and project financing]. Moscow, Al'pina Pablisher Publ., 2012, 154 p.
Panova G.S. Vnedrenie proektnogo finansirovaniya na gosudarstvennom urovne: teoriya i praktika [Introduction of project finance at the State level: Theory and practice]. Saarbrücken, Palmarium Academic Publishing, 2012, 256 p.
Petyukov S.E. Kreditovanie investitsionnykh proektov v Rossiiskoi Federatsii [Investment project financing in the Russian Federation]. Saarbrücken, LAP Lambert Academic Publishing, 2014, 88 p.
Tapsakhalova F.M.-G. Investitsii [Investment]. Available at: Link. (In Russ.)
Morrison R. The Principles of Project Finance. Routledge, 2016, 529 p.
Moberg L. The political economy of special economic zones. Journal of Institutional Economics, 2015, vol. 11, no. 1, pp. 167–190.
Korotkova E.A., Sokolova T.V. [Differences between the project and direct financing of development parks (the experience of developed Western countries)]. Sibirskaya finansovaya shkola = Siberian Financial School, 2006, no. 4, pp. 9–14. (In Russ.)
Shaidurov A.O. [International and Russian approach to project finance]. Innovatsionnoe razvitie ekonomiki = Innovative Development of Economy, 2012, no. 2, pp. 40–43. (In Russ.)