Federal Fund for Co-financing of Social Expenditures (FSSR)

Its goal is to partially subsidize the expenses of the budgets of the constituent entities of the Russian Federation through:

• implementation of social support measures for labor veterans and home front workers;
• payments of state benefits to citizens with children;
• providing social support for rehabilitated persons and persons recognized as victims of political repression;
• providing citizens with targeted subsidies to pay for housing and utilities.

The distribution of the fund's funds is made based on the number of corresponding categories of citizens, taking into account the level of budgetary security of the constituent entities of the Russian Federation after the distribution of funds from the Federal Fund for Financial Support of the constituent entities of the Russian Federation.

Federal Fund for Regional Development (FFRD)

This fund has been operating since 2006 as part of the federal budget with the aim of providing financial assistance to regions investing in social and industrial infrastructure. The share of the federal budget in co-financing expenses of territories should not exceed half of the total amount of funds. The distribution of resources and the selection of investment projects are carried out on a competitive basis using formalized approaches and taking into account the investment attractiveness of the regions.

Fund for the Reform of Regional and Municipal Finance (FRRF)

This fund, created in 2005 G., aims to subsidize the constituent entities of the Russian Federation and municipalities selected on a competitive basis. Recipients of funds from the fund are predominantly non-subsidized regions.

A mandatory condition for receiving funds from the fund is the submission of a Regional (municipal) Finance Reform Program. For 2005–2009 programs were subsidized in 43 regions and 22 municipalities. In accordance with these programs, the fund co-finances such areas as methodological assistance to territories in financial management, including financial planning and reporting, the introduction of results-based budgeting (RBB); training of personnel of financial authorities in the regions; development of a system for accounting the cost of state and municipal services; repayment and servicing of debt obligations; development of social infrastructure; increasing the efficiency of use of state and municipal property.

The system of interbudgetary relations includes support closed administrative-territorial entities (BUT ).

BUT is an urban district within which industrial enterprises for the development, production, storage and disposal of weapons of mass destruction, processing of radioactive and other materials, military and other facilities are located, for which a special regime for safe operation and protection of state secrets is established, including special living conditions citizens.

In 22 constituent entities of the Russian Federation, there are 42 ZATOs with a total population of 1.3 million people. The activities of particularly important enterprises on their territory necessitate compensation from the federal budget for expenses associated with their safe operation. Since 2006, the budgets of CATUs have been included in the unified system of budgets of the constituent entities of the Russian Federation with the extension of inter-budgetary regulation mechanisms provided for municipalities with the status of an urban district to them. ZATOs are highly subsidized entities: interbudgetary transfers occupy on average 55% of the structure of their budgets’ own income. This makes it possible to maintain an increased budgetary provision for the population of CATUs - 1.4 times higher than the average in municipalities.

The relationship between the federal budget and the budgets of the constituent entities of the Russian Federation does not exhaust interbudgetary relations. Financial assistance is provided to local budgets from the budgets of the constituent entities of the Russian Federation on the same principles. For example, subsidies are allocated from the budgets of the constituent entities of the Federation from regional funds for financial support of settlements, from regional funds for financial support of municipal districts, other grants and subsidies, as well as budget loans and subventions. Subventions, as a rule, compensate for the costs of delegated powers that are not covered by local budget revenues, just as the federal budget compensates for the unfunded powers of the subjects of the Federation.

In turn, from the budgets of municipal districts, financial assistance can be transmitted downwards - directly to the budgets of urban and rural settlements or in the form of subventions to regional funds for financial support of settlements and regional funds for financial support of municipal districts (urban districts).

Thus, interbudgetary transfers are directed from top to bottom at all levels of the budget system. The reverse movement of funds occurs only when repaying regional and municipal debt to federal government bodies or government bodies of a constituent entity of the Russian Federation.

This is how the modern system of interbudgetary settlement works.

However, it is not possible to completely eliminate budget inequality.

Budget funds are a significant and incredibly important element of the federal budget system. By their purpose they are targeted. Such funds can be created not only at the state level, but also at the level of individual entities/regions. The main function is to comprehensively solve financial problems in various industries and spheres of life through uninterrupted financing of relevant expenses and activities.

System of budgetary funds

The term “target budget fund” was first heard in our country in the mid-90s. twentieth century and was used to designate a certain transitional stage between budgetary and extra-budgetary forms of redistribution of funds. Initially, such a system arose from a number of extra-budgetary funds and was intended to form a stable source of financing for certain government expenses.

At the moment, we are talking mainly about special-purpose monetary funds, which are created at various levels within the budget at the expense of the same targeted revenues.

Budgetary funds of the Russian Federation

Absolutely all actions of budgetary funds in our country are regulated by the Budget Code, and such structures themselves are created and function in strict accordance with current legislation. Typically, such funds are laid down by the government at the state level, as part of the Federal Budget Law for the next financial year. In this case, it is possible to create budget funds at the level of a subject and even a separate territorial entity. The sources of filling the budgetary funds of the Russian Federation are budgetary funds, treasury bills, special taxes, targeted government loans, etc.

Using the budget fund

The use of financial reserves of budget funds is regulated by relevant regulatory documents. Central Bank Funds are formed at the expense of designated purpose income and can only be used to finance the relevant target areas. All operations with such funds are carried out exclusively through branches of the Central Bank, as well as the main department of the Treasury of the Ministry of Finance. Funds are accounted for in budget accounts opened with the Treasury/Central Bank.

“Money from budget funds cannot be withdrawn and in no case can be used for profit”

Federal budget funds

The federal budget funds include the following government agencies:

• federal compensation fund,
• federal budget fund for social finance reform,
• fund for co-financing social expenses,
• Federal Fund for Regional Development,
• reserve budget and other funds.

Budgetary and extra-budgetary funds

In addition to targeted budget funds, there are also various extra-budgetary funds that are not included in the structure of the regional or state budget. Moreover, such extra-budgetary funds are formed from independent sources, that is, they are outside the federal budget or the budgets of individual entities. The most significant social extra-budgetary funds in Russia include the Pension Fund of the Russian Federation (Pension Fund), Sotsstrakh (Social Insurance Fund), FFOMS (state compulsory health insurance fund).

In addition, there are a number of extra-budgetary funds not of a social, but of an economic orientation - in particular, all kinds of funds for financing certain sectors of production or the national economy.

State budget funds

One of the main conditions for the existence of any of the above state budget funds is strict control over its formation, as well as the targeted use of funds available in the fund’s accounts. The state controls not only the legality of the use of budget money, but also the efficiency/rationality of its use in the relevant area. The composition of such funds in the federal budget is not constant; they can be created and abolished by government decision. In the same way, individual constituent entities of the Russian Federation can close some and create other budgetary trust funds from year to year, depending on the current economic situation, feasibility and other factors.

Funds of budgetary institutions

It is also worth mentioning the special funds of various budgetary institutions. Their composition is formed from revenues for specific purposes, after which the funds are appropriately distributed and spent in accordance with legal norms. The fund's budget funds are spent primarily on the implementation of measures to ensure the uninterrupted functioning of such an institution. The income portion of the special fund is formed on the basis of calculations calculated for each individual source of income (as in the cases described above, opening a budget account with the Federal Treasury is required).

METHODOLOGY FOR DISTRIBUTION OF FINANCIAL RESOURCES FROM THE REGIONAL DEVELOPMENT FUND

General provisions

Main part Federal target programs for regional parity, approved by the Government of the Russian Federation for implementation, include a specific list of investment projects. Exception draws up the federal target program “Reducing differences in the socio-economic development of regions of the Russian Federation (years and up to 2015)”, for the implementation of which both subjects of the Russian Federation must be determined annually to receive federal financial assistance, and a corresponding list of investment projects. Therefore, this technique solves this problem.

The federal target program “Reducing differences in the socio-economic development of regions of the Russian Federation (years and up to 2015)” (hereinafter referred to as the Program), approved by the Decree of the Government of the Russian Federation dated 01.01.01, is intended primarily to provide federal financial assistance to the constituent entities of the Russian Federation classified as groups of regions with an extremely low and low level of socio-economic development and therefore the bulk of the Fund’s financial resources should be directed to improve the social and economic environment of these particular regions, which will help reduce the level of differentiation of the economic and social space of the Russian Federation Federation.

The purpose of the Methodology is to determine the procedure and assess the need to provide federal financial assistance to the constituent entities of the Russian Federation for co-financing investment projects from the funds of the Regional Development Fund.

Basic principles

The provision of federal financial assistance for co-financing investment projects from the Regional Development Fund will be carried out in accordance with the following principles:

- transparency procedures for identifying constituent entities of the Russian Federation in need of federal financial assistance and co-financed investment projects;

- priority providing assistance to constituent entities of the Russian Federation classified as groups of regions with extremely low and low levels of socio-economic development;

- equality subjects of the Russian Federation in relations with the federal center in determining the amount of financial assistance;

- efficiency use of federal financial assistance;

- competitiveness investment projects proposed for co-financing using federal budget funds;

- warranty on the part of the constituent entity of the Russian Federation co-financing investment projects from the regional budget and extra-budgetary sources.

General terms and conditions

Subjects of the Russian Federation can qualify for federal financial assistance from the Federal Reserve:

1. If carried out by the region financial policy does not contradict current federal legislation.

2. If carried out by the region investment policy corresponds to the directions of economic and social reforms carried out by the Government of the Russian Federation.

Subjects of the Russian Federation can apply for funding from the federal budget only By one from three groups provided for by the Program and determined annually by assessing the level of socio-economic development and provision of social and engineering infrastructure facilities in the constituent entities of the Russian Federation:

GroupI– regions that are in a group with "extremely low" level of development.

GroupII- regions in the group "low" level of development.

GroupIII – regions in the group "below the average" level of development.

In order to eliminate the possibility of some regions having unjustified advantages in receiving large volumes of federal financial assistance from the Federal Reserve, while reducing opportunities for other regions, a limitation is introduced on the amount of possible federal financial assistance to a constituent entity of the Russian Federation from the Regional Development Fund.

The amount of federal financial assistance is determined only based on the results of the competition projects of the constituent entities of the Russian Federation admitted to participation in the competition.

In the event that for a number of constituent entities of the Russian Federation the total volumes of federal financial resources for co-financing the winning projects in the competition are less than the volumes of the corresponding regions, an additional competition is announced for the remaining volume for all regions admitted to participate in the competition.

Determination of the composition of groups of regions,

those in need of federal financial assistance

Determination of composition groups is carried out on the basis of an assessment of the level of socio-economic development, quality of life and provision of social and engineering infrastructure in the regions.

Assessing the level of development of a region is based on the following basic principles:

· systematic assessment, which involves taking into account the interrelations of basic indicators and the use of an ordered structure of partial and integral characteristics of regional development;

· ensuring maximum representativeness of indicators for assessing various aspects of socio-economic development of regions;

· taking into account the reliability of source data when choosing basic indicators of regional development;

· adaptation of the system of indicators used to the capabilities of existing statistical reporting;

· compliance of the system of indicators with the tasks of annual monitoring and forecasting of economic and social development of regions;

· achieving maximum information content of the results of assessing the level of development of regions from the standpoint of making adequate decisions at the federal and regional levels of government;

The system of indicators includes indicators characterizing quality of life of the population, assessment of general condition level of socio-economic development and degree infrastructure development subjects of the Russian Federation.

The procedure for assessing the level of socio-economic development, quality of life and provision of social and engineering infrastructure in the regions

In the formulas below, the upper index j means the number of the region, RF – for the Russian average, and the lower index t – the year in question.

To take into account the territorial differentiation of the price level, this methodology uses the following indicators reflecting the geographical features of the country:

- purchasing power ratio(CU) – calculated as the ratio of the average per capita subsistence level (PR_MIN) in the region to the Russian average:

- regional coefficient of the degree of increase in the cost of capital costs in the regions of Russia (K_Ud) - determined on the basis of data from the State Construction Committee of Russia on the territorial differentiation of costs for the construction of housing and social infrastructure facilities.

List of basic indicators for assessing the level of development

The integral development indicator is determined by the following standardized indicators of regional development:

1. Gross regional product per capita(thousand rubles) is defined as the ratio of gross regional product (GRP) to population (N), divided by the purchasing power level coefficient (KU):

2. Volume of investments in fixed assets per capita(thousand rubles) is defined as the ratio of the volume of investments at the expense of all (In) to the population size (N), divided by the coefficient of increase in the cost of capital costs (K_Ud):

2. Share of area equipped with sewerage, %

3. Share of area equipped with central heating, %

4. Share of area equipped with baths (showers), %

5. Specific gravity of the area equipped with gas, %

6. Share of area equipped with hot water supply, %

7. Share of area equipped with floor electric stoves, %

14. Number of children who died under the age of 1 year, per 1000 births

15. Life expectancy at birth,(number of years) – entire population

16. The share of the population with higher specialized education among those employed in the economy,%

17. Average provision of the population with the area of ​​residential apartments (at the end of the year), sq. m. per person

18. The share of dilapidated and emergency housing stock in the entire housing stock,%

In order to take into account the additional load created by migrants on the infrastructure in the regions, all indicators calculated per capita take into account migration growth rate.

Information sources- Goskomstat of Russia, Gosstroy of Russia.

The source of information about migration processes in the regions is data from the State Statistics Committee of Russia and the Ministry of Internal Affairs of Russia.

Calculation of the integral indicator

The calculation of the integral indicator is carried out in stages by implementing the following sequence of computational iterations.

On first stage for each of the basic indicators are built normalized indicators (to bring indicators into a comparable form) according to the formulas:

a) If the initial indicator (particular criterion) https://pandia.ru/text/78/101/images/image014_49.gif" width="12 height=13" height="13">, the higher the quality or value of the integral indicator), then the value of the corresponding normalized variable is calculated using the formula:

(1)

where https://pandia.ru/text/78/101/images/image018_34.gif" width="33" height="21 src="> - respectively, are the smallest and largest values ​​of the original indicator.

b) If the initial indicator (partial criterion) x is related to the analyzed integral indicator by the property of a decreasing dependence (i.e., the greater the value of x, the lower the quality or value of the integral indicator), then the value of the corresponding normalized variable https://pandia.ru/ text/78/101/images/image019_35.gif" width="127 height=58" height="58"> (2)

where and - respectively, are the smallest and largest values ​​of the initial indicator by region.

On second stage a summary indicator of the provision of the population with social infrastructure facilities (12th indicator) and a summary indicator of the provision of the population of a constituent entity of the Russian Federation with engineering infrastructure facilities (13th indicator) are constructed using the formulas:

(3)

where https://pandia.ru/text/78/101/images/image023_31.gif" width="19" height="24 src="> is the total weight of this indicator.

On third stage a common one is being built integral indicator level of socio-economic development, quality of life and provision of social and engineering infrastructure facilities of the constituent entities of the Russian Federation according to the formula:

DIV_ADBLOCK318">

3. Admission of regions to participate in the project competition is determined based on an assessment of the effectiveness of financial politicians carried out by a constituent entity of the Russian Federation.

Assessment of the effectiveness of financial policy is determined according to the methodology Ministry of Finance of Russia based on an assessment of the region’s use of financial instruments for their intended purpose. In this case, the main criterion is assessment of the quality of regional financial management.

The assessment of the financial policies pursued by the regions is carried out by the Russian Ministry of Finance and the results of the assessment are sent to the Russian Ministry of Economic Development for consideration when forming groups of regions admitted to the project competition.

Efficiency assessment carried out by the region investment policy determined on the basis of comprehensive regional social and economic development programs.

Determining the scope of possible financial assistance to the regions

After determining the composition of groups of regions, the volume of possible federal financial assistance to a constituent entity of the Russian Federation under the Program is calculated.

Volume is calculated for each region proportionally population subject of the Russian Federation and proportional to the deviation from the average Russian level of development without highlighting any priorities within the group according to the following formula:

Coefficient taking into account population size, calculated using the formula:

where is the population of the j-th region

Conditions for the project competition

The competition is held by the competition commission of the Ministry of Economic Development of Russia with the inclusion of representatives of the Ministry of Finance of Russia and the constituent entities of the Russian Federation.

Project competition carried out separately for each group of regions according to indicators of economic and social efficiency of projects regional programs for which subjects must submit budget requests.

Project evaluation criteria:

Social and economic significance of the project for the region,

The share of the population for whom the problem solved by the project is relevant,

Dates for commissioning project capacities,

Project area (local, inter-village, inter-regional),

Number of new jobs created by the project,

Social and economic effect per ruble of federal funds,

The degree of co-financing of the project from regional and municipal budgets and extra-budgetary funds.

The estimated cost of construction is determined in accordance with the Instructions on the procedure for development, coordination, approval and composition of design documentation for the construction of enterprises, buildings and structures (SNiP).

The fund is created from the federal budget and accumulates funds intended for equity financing.
sirovaniya federal and regional programs, programs and projects of sectoral financing (public infrastructure of regional and municipal significance).
The fund's funds are used to implement federal target programs that ensure the creation of a unified social infrastructure within the framework of the budgetary policy of the Russian Federation.
The allocation of funds from the fund is carried out in accordance with plans for investment activities for the development of social infrastructure, which must exist on the territory of each constituent entity of the Russian Federation in order to implement public services to the population provided for by federal law.
The allocation of funds from the fund for the development of the social infrastructure of the region is carried out at the request of the executive authorities of the constituent entity of the Russian Federation, which are considered by the Government of the Russian Federation and are included in the plan of investment activities for the development of regions.
The distribution of the fund's funds is carried out taking into account the capabilities of the fund and the necessary need for the development of the social infrastructure of the region. To this end:
- the number of social infrastructure facilities that should exist on the territory of a constituent entity of the Russian Federation is determined based on the developed standards for the provision of facilities of this type;
- executive authorities of a constituent entity of the Russian Federation submit applications to the Government of the Russian Federation for the allocation of investments for the development of social infrastructure in the region;
- the need for investment in the social sphere of infrastructure development of each constituent entity of the Russian Federation is calculated;
- based on the resources of the fund and the capabilities of the federal budget, the possibilities for meeting the needs of the constituent entity of the Russian Federation are determined and the maximum amount of investment from the fund in the social sphere of infrastructure development in each region is established.
The allocation of funds from the fund is carried out in proportion to the costs of implementing the project from the fund’s budget and from the budgets of the constituent entities of the Russian Federation, including the search for additional sources of financing for programs for the development of social services in territorial entities.

Investment Fund of the Russian Federation

The Investment Fund of the Russian Federation is a state financial fund aimed at co-financing investment projects. It was created in November 2005 as an instrument of state investment policy to intensify structural changes in the Russian economy. The Russian Ministry of Regional Development has been responsible for managing this fund since 2007 (prior to this time the fund was under the jurisdiction of the Ministry of Economic Development and Trade).

Project examination consists of three main stages: consideration by the investment committee, government committee and approval at a government meeting. To receive funds from the Investment Fund of the Russian Federation, the following basic restrictions are provided: the government is expected to finance business projects with a budget exceeding RUB 5 billion for a period of up to five years; a private investor must finance at least 25% of the project cost, the profitability of the project must be in the range of 4-11%. No less than 45% of the Investment Fund's resources are used to finance projects related to the development of logistics infrastructure. State support for investment projects from the Investment Fund can take the following main forms:

1) direct financing of projects;

2) participation in the share capital of the company that will be involved in the project;

3) a system of state guarantees, which will differ from the current guarantees provided by the Ministry of Finance of the Russian Federation;

4) subsidies to the state company Avtodor (road design, construction, maintenance and modernization);

5) subsidies for capital construction of regional and municipal property (construction and reconstruction).

An example of direct co-financing is the project of the multifunctional cargo marine complex “Bronka”. The expected financing of the project from the Investment Fund of the Russian Federation will be 15.2-15.9 billion rubles. (total cost of the project is 58.9-59.6 billion rubles). The funds from the Investment Fund will be used to finance the construction of a canal to the port of Bronka, preparation of a water area bypass and the creation of navigation equipment. Without the support of the Investment Fund, the project would be unattractive to potential investors due to the negative net present value (NPV= -3500000000 rubles) and a very long payback period - more than 30 years.

Also, as an example, we can consider the Dmitrov river port project - 4.95 billion rubles. from the Investment Fund of the Russian Federation (45% of the total project budget). The funds are used to finance the construction of a cargo pier, fortifications, port areas, the creation of communication lines, the construction of roads, as well as a railway line. The expected payback period is about 10 years.

Funds from the Investment Fund of the Russian Federation were also used in the Ust-Luga project (construction of the universal sea trade port of Ust-Luga). The total amount of funding from the Investment Fund and the federal budget amounted to about 27.4 billion rubles. These resources were used to build access channels, prepare maneuvering waters, create maritime security systems, etc.

1. Regional investment funds. Their funds are intended to finance regional initiatives related to logistics infrastructure facilities with the help of federal budget funds. This government support instrument was developed by the Russian Ministry of Regional Development with reference to the instructions provided by Government Decree No. 1189 of December 31, 2009, and is aimed at increasing the use of public-private partnership (PPP) mechanisms at the regional level. On October 30, 2010, the Government approved the “Rules for the distribution and provision, at the expense of budgetary allocations of the Investment Fund of the Russian Federation, to the budgets of constituent entities of the Russian Federation of subsidies for the implementation of projects of regional and interregional significance” (Resolution of the Government of the Russian Federation No. 880). The rules came into force on January 1, 2013. The procedure for creating regional investment funds is determined by regional legislation.

Subsidies from the Investment Fund of Russia are provided to regional investment funds:

· to implement projects in accordance with concession agreements;

· if at least one investment project (PPP) was financed from the regional investment fund without receiving subsidies from the Federal Investment Fund;

· when co-financing projects financed by the regional investment fund and/or local budget, as well as private investors.

2. Regional road funds. These funds began operating on January 1, 2012 in accordance with Federal Law No. 68-FZ of April 6, 2011. The main purpose of their creation is to provide financing for road design, construction, modernization, maintenance, and operation. The total amount of funds planned for these purposes in 2012 amounted to 388.2 billion rubles. (excluding data for Moscow and St. Petersburg).

The main sources of formation and replenishment of regional road funds are as follows:

· excise taxes on motor oils produced in Russia that go to regional budgets (77% of the total funds in 2012, 72% in 2013);

· transport tax;

· other revenues that are determined by the budget legislation of the Russian Federation.

3. Funds of the European Union and international financial institutions. These sources are not widely used in Russia. Some large-scale logistics infrastructure development projects are expected to be partly financed by loans provided by the EBRD.

4. Private investment. The main sources of private investment for projects aimed at developing logistics infrastructure are national commercial banks, such as Sberbank, Vneshtorgbank, Vnesheconombank, Prominvestbank, etc.

Some projects are initiated and financed by professional developers and developers. In the field of warehouse development, these are companies such as Raven Russia, Eurasia Logistic, International Logistics Partnership, PNK Group, Espro Development, Eurosib, etc. Relatively small amounts of financing come from foreign private investors. For example, Gulftainer Global Logistics from the UAE participated in the purchase of a share of some port facilities in Ust-Luga and invested approximately €192 million in their development.

A significant amount of investment in logistics infrastructure comes from natural monopolies such as Gazprom and Rosneft, or large corporations such as NLMK or Novatek - Russia's largest independent natural gas producer. The mineral and chemical company EuroChem has invested heavily in the infrastructure of the port of Ust-Luga, namely in the creation of a mineral fertilizer terminal. The construction of a coal terminal in the port of Ust-Luga was financed by OJSC Kuzbassrazrezugol, one of the largest coal mining enterprises in Russia.

The NLMK metallurgical group is the main investor in such transport and logistics facilities as the Sea Port of St. Petersburg, the Ust-Luga multi-functional transshipment complex, the seaports of Tuapse and Taganrog; In addition, the group invested in Volga, northwestern and western shipping companies, as well as in a number of shipbuilding and logistics enterprises. The logistics infrastructure in the north of Russia is actively developing due to investments from the mining and metallurgical holding Norilsk Nickel. The company, in particular, is investing in the development of a transshipment terminal in the port of Murmansk (total financing is about 996 million rubles), as well as in the construction of a fuel storage terminal in Arkhangelsk (storage volumes - up to 50 thousand m3 of petroleum products). The cost of the investment project amounted to 790 million rubles.

5. Other funds. There are several public-private private equity funds that can be used to finance logistics infrastructure projects.

The Russian Direct Investment Fund (RDIF) was founded by the Russian Government in June 2011 to invest in the activities of leading companies from the fastest growing and most promising sectors of the economy. Among these sectors are the basic modernization sectors, including transport and logistics. The fund's management company is a 100% subsidiary of Vnesheconombank. The working capital fund guaranteed by the Russian Government is $10 billion. RDIF plans to attract institutional investors from all over the world (direct investment funds, sovereign funds) on the terms of joint financing of the national economy. In order to become a partner of RDIF, a company must have a market value or annual income of more than $1 billion. RDIF can invest $50-500 in the equity capital of the selected company, but its share should not exceed 50% of the total project budget. The expected investment period for RDIF is five to seven years. After this period, the fund will exit the project by organizing an initial public offering or selling its shares to a strategic investor.

Another public-private fund for direct investment in infrastructure projects is run by a management company that was founded by the investment arm of the state corporation Rostekhnologii, PromInvest and Gulftainer Global Logistics. The fund is focused on investments in port and logistics center facilities, the volume of working capital is 500 million rubles.