Subject The article investigates the project financing as an activity related to risks, which depend on life-cycle phases and on project participants seeking to assess these risks objectively and separately from other risks that are not associated with the project, in the interests of the State and society. Objectives The purpose is to analyze the specifics of project financing to develop approaches to evaluation of investment projects and the practice of project financing in Russia. Methods The study employs the following methods: dialectical, monographic, analysis and synthesis, abstraction and generalization, and cash flow forecasting. Results The paper reviews essential features of project financing related to the pivotal role of debt financing, proves the specificity of project financing conditioned by unique nature of each project, multidimensional character of project risks, material cash flows from the project, separate accounting for assets generated by the project. The latter feature is accompanied by a number of management problems associated with the need to distinguish between the field of project management and general management. Therefore, I specify the ‘sphere of influence’ of the management of an individual project and the management of project company implementing the project as a single organizational and management structure. Conclusions Project financing is a unique activity. It has specific goals and objectives, time limits, standardized requirements to management and financing, that are determined by the interests of its participants.
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