Subject The article analyzes project finance as one of the most efficient mechanisms enabling to accumulate various financial resources to implement investment projects. Objectives The project finance is considered as a system that includes many elements (participants, objects of financing, contracts, risk management, infrastructure), which are closely interrelated and ensure the efficiency of financial flows. It discloses the characteristic features of the modern stage of project finance development that is focused on sustainable economic growth, innovative development, and the global economy. Methods I use the normative and holistic approach to investigate the efficiency of taxation in the oil and gas sector, general scientific and special methods of scientific cognition, like retrospective, systems and functional-structural analysis, observation, and classification. The study employs various tools, namely grouping, sampling, comparison, synthesis, evolutionary and dynamic analysis. Results Implementing investment projects involving both the State and private investors at the regional level is a promising mechanism in the context of insufficient infrastructure development and limited budgetary sources of financing. Conclusions The article provides an analysis of promising mechanisms of project finance in regions, and considers the possibility to use public-private partnerships.
Keywords: investment, public investment, financing, project finance, project finance mechanism
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