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ИД «Финансы и кредит»






Finance and Credit

Improving the mechanism to implement infrastructure projects funded by the National Wealth Fund

Vol. 28, Iss. 12, DECEMBER 2022

Received: 12 September 2022

Received in revised form: 20 October 2022

Accepted: 3 November 2022

Available online: 28 December 2022

Subject Heading: INVESTING

JEL Classification: H54

Pages: 2740–2763


Elena A. FEDOROVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Kseniya Yu. ANUFRIEVA Financial University under Government of Russian Federation Moscow, Russian Federation


Subject. The article deals with the mechanism for infrastructure projects implementation funded by the National Wealth Fund (NWF).
Objectives. The study aims to develop proposals to improve the mechanism for implementation of the said projects.
Methods. The study rests on the analysis of functioning of the mechanism for implementation of NWF-funded infrastructure projects, based on the Russian legislation, as well as scientific publications by domestic and foreign authors.
Results. In the process of deciding on financing an infrastructure project, it is necessary to calculate not only economic and social types of efficiency, but also environmental one, since this will enable the most accurate prediction of outcomes. It is also required to improve the monitoring of the infrastructure project, i.e. to consider all possible external factors (for example, COVID-19) that directly affect the effectiveness of the results.
Conclusions. The findings can be used by the Government of the Russian Federation in the development of regulatory framework governing the financing of infrastructure projects at the expense of the National Wealth Fund.

Keywords: infrastructure project, infrastructure, budget financing, National Wealth Fund (NWF)


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ISSN 2311-8709 (Online)
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Vol. 28, Iss. 12
December 2022