Subject The article addresses cluster structure development in Russia and problems related to financing the projects that are implemented within a cluster. Objectives The purpose of the study is to describe the main possible financing schemes for projects implemented within cluster structures, their pros and cons. Methods The study relies on the analysis of the existing legal framework and financing practices in the Russian Federation. The analysis enables a comprehensive assessment of the problem in the current economic conditions. Results The paper describes the main cluster structures, requirements to industrial clusters defined by the legislation, the existing practice of financial resources mobilization to implement projects within clusters. It considers advantages and disadvantages of venture capital funding, project financing, the use of public-private partnership schemes in cluster project realization. The role of such institutions as OAO Russian Venture Company (OAO RVC) is demonstrated as part of financing mechanism description. Furthermore, I consider the main statutory instruments and government programs that regulate project financing within clusters in the Russian Federation. Conclusions and Relevance Today, there is a restricted number of funding opportunities in the Russian Federation for projects of enterprises implemented within clusters. It is crucial to enhance the financial capacity of such enterprises to nurture the development of both specific companies and the entire industry.
Keywords: cluster, financing, cluster development
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