Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

Developing a project finance mechanism at the regional level

Vol. 18, Iss. 11, NOVEMBER 2019

Received: 31 July 2019

Received in revised form: 28 August 2019

Accepted: 11 September 2019

Available online: 29 November 2019

Subject Heading: THEORY OF FINANCE

JEL Classification: G20, G23, G28

Pages: 2485–2492

Al-Shaeli M.H.Kh. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation

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


  1. Ezangina I.A., Storozhilov N.A. [Strengthening the role of development institutions in the banking project financing]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, no. 6, pp. 20–33. URL: Link (In Russ.)
  2. Kovalev P.P. [Providing project financing institutions of the banking sector]. Ekonomika: vchera, segodnya, zavtra = Economics: Yesterday, Today and Tomorrow, 2018, vol. 8, no. 1A, pp. 68–79. URL: Link (In Russ.)
  3. Larionova E.A. [Promising mechanisms for the implementation of investment projects with the participation of the State]. Vestnik nauki, 2018, vol. 1, no. 9, pp. 130–131. (In Russ.) URL: Link
  4. Murtazaliev Sh.A. [Key problems of project financing schemes realized in Russia]. Ekonomika i biznes: teoriya i praktika = Journal of Economy and Business, 2019, no. 1, pp. 171–173. URL: Link (In Russ.)
  5. Nikonova I.A., Smirnov A.L. Proektnoe finansirovanie v Rossii. Problemy i napravleniya razvitiya [Project financing in Russia. Problems and directions of development]. Moscow, Konsaltbankir Publ., 2016, 215 p.
  6. Pereverzeva V.V., Yur'eva T.V. [Project finance in the project management system]. ETAP: Ekonomicheskaya teoriya, analiz, praktika = ETAP: Economic Theory, Analysis, and Practice, 2017, no. 5, pp. 36–45. URL: Link (In Russ.)
  7. Pereverzeva V.V., Yur'eva T.V. [Infrastructure projects as a factor of optimizing the regions’ nvestment processes]. Regional'naya ekonomika i upravlenie: elektronnyi nauchnyi zhurnal, 2018, no. 1, pp. 9. (In Russ.) URL: Link
  8. Pereverzeva V.V. [Project finance mechanism for investment project realization]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2018, no. 3, pp. 24–32. (In Russ.) URL: Link
  9. Titov V.O. [Background and evolution of the project of financing mechanism]. Uchenye zapiski Sankt-Peterburgskogo universiteta upravleniya i ekonomiki, 2014, no. 2, pp. 43–64. (In Russ.)
  10. Chugunov V.I., Kolomasova R.A. [Development of the mechanism of project financing in the context of increasing investment activity of the national economy]. Finansovaya zhizn' = Financial Life, 2019, no. 2, pp. 88–92. (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 11
November 2019