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Секьюритизация – инструмент привлечения долгосрочного финансирования, широко применяемый в международной практике. Он возник во второй половине XX века в качестве способа привлечения банками средств сторонних инвесторов для расширения ипотечного кредитования в США. В XXI веке этот инструмент перешагнул прежние национальные и отраслевые границы. В настоящее время секьюритизация применяется для финансирования инфраструктурных проектов, в том числе международных, а также используется экспортными кредитными агентствами для экспортного факторинга., Securitization is a tool for raising long–term finance, widely applied in international practice. It emerged in the second half of the 20th century as a way for banks to attract funds from third-party investors to expand mortgage lending in the United States. In the XXI century this tool has crossed the previous national and sectoral boundaries. Securitization is currently used to finance infrastructure projects, including international ones, and is also used by export credit agencies for export factoring.

В статье рассмотрена актуальность применения механизмов государственного-частного партнерства, охарактеризованы формы ГЧП, применяемые в России, проанализирована структура ГЧП-проектов, реализуемых в России, определены возможные финансовые инструменты развития инфраструктуры. Детализированы специфические особенности инфраструктурных бюджетных кредитов и инфраструктурных облигаций. Установлено, что использование инфраструктурного кредитования и выпуск инфраструктурных облигаций является стимулом развития государственно-частного партнерства., The article considers the relevance of using public-private partnership mechanisms, describes the forms of PPP used in Russia, analyzes the structure of PPP projects implemented in Russia, and identifies possible financial instruments for infrastructure development. The specific features of infrastructure budget loans and infrastructure bonds are detailed. It has been established that the use of infrastructure lending and the issuance of infrastructure bonds is an incentive for the development of public-private partnerships., Экономика и предпринимательство, Выпуск 5 (154) 2023, Pages 892-896

Данная статья посвящена исследованию вопроса финансирования инфраструктурных проектов в России. В статье представлены аналитические данные по состоянию инфраструктуры в регионах страны. Рассмотрены источники финансирования инфраструктурных проектов и трудности, которые возникают при их реализации. А также рассмотрены наиболее распространенные модели ГЧП, как наиболее эффективного механизма привлечения финансовых ресурсов для развития инфраструктуры в нашей стране., This article is devoted to the study of the financing of infrastructure projects in Russia. The article presents analytical data on the state of infrastructure in the regions of the country. The sources of financing of infrastructure projects and the difficulties that arise in their implementation are considered. And also the most common PPP models are considered as the most effective mechanism for attracting financial resources for the development of infrastructure in our country., Экономика и предпринимательство, Выпуск 4 (117) 2020

Проведен анализ финансирования проектов государственно-частного партнерства в мировом масштабе, в результате которого выявлено, что в России большинство проектов в отличие от экономически развитых стран мира реализуется за счет бюджетных средств. Определены источники финансирования проектов в рамках государственно-частного партнерства, среди которых перспективными следует считать инфраструктурные облигации в силу охвата большого количества субъектов экономики при их реализации. Благодаря изучению финансового механизма при реализации проектов раскрыты факторы, сдерживающие их эффективное развитие. Намечены финансовые перспективы реализации проектов ГЧП., The analysis of the financing of public-private partnership projects on a global basis was carried out, and as a result, it was revealed that most of the projects in Russia, unlike those in the economically developed countries of the world, were implemented and financed from budgetary funds. The sources of financing of projects within the framework of the public-private partnership were identified, among which revenue-yielding bonds should be considered promising because of the coverage of a large number of economic entities in their implementation. Due to the study of the financial mechanism, the implementation of the projects revealed the factors that impede their effective development. Financial prospects for the implementation of PPP projects were outlined., №02(68) (2018)

On June 24, 2011, Law 12.431/11 was introduced, which granted a reduction of the Income Tax rate on bonds issued with the purpose of financing infrastructure projects. Since then, the so-called "Infrastructure Bonds" have increased their importance as a funding mechanism to companies in this sector. Since the publication of the Resolution of the Central Bank of Brazil (Bacen) No. 4.476, of 4 November 2016, it was allowed to include early redemption clauses at the discretion of the issuing company. Considering the peculiarities of these bonds, the methodologies already developed for pricing call options on bonds are not applicable. In this way, this work intends to develop a methodology for pricing the existence of an early redemption clause in an Infrastructure Bond covered by Law 12.431/11, considering the term structure of Brazilian interest rates and the costs of issuing bonds. Em 24.06.2011, foi lançada a Lei n° 12.431/11, que concedeu uma redução da alíquota de Imposto de Renda (IR) em debêntures emitidas com o objetivo de financiar projetos de infraestrutura. Desde então, as chamadas “Debêntures de Infraestrutura” têm aumentado a sua importância como mecanismo de captação das empresas desse setor. A partir da publicação da Resolução do Banco Central do Brasil (Bacen) nº 4.476, de 11.04.2016, foi permitida a inclusão de cláusulas de regaste antecipado a exclusivo critério da empresa emissora. Tendo em vista as peculiaridades desses títulos, as metodologias já desenvolvidas para precificação de opções de recompra em debêntures não são aplicáveis. Desta forma, o trabalho proposto pretende desenvolver uma metodologia para precificar a existência de uma cláusula de resgate antecipado em uma debênture de infraestrutura abrangida pela Lei n° 12.431/11, considerando a estrutura a termo das taxas de juros brasileiras e os custos de emissão de debêntures.

В статті розглянуто напрямки впровадження державно-приватного партнерства з урахуванням специфіки діяльності небанківських фінансових установ в Україні. Доведено, що на ринках небанківських фінансових послуг державно-приватне партнерство слід розглядати у тих напрямах, де ринки небанківських фінансових послуг сприяють зниженню навантаження на Державний бюджет держави та/чи сприяють покращенню доступу населення до соціально-значимих послуг. Такими напрямами співпраці держави та небанківських фінансових установ є сфера медичного забезпечення, страхування стихійних явищ та техногенних аварій, розвиток соціальної інфраструктури за рахунок випуску інфраструктурних облігацій, кредитування кредитними спілками заходів з підвищення енергоефективності будівель та розвитку малого підприємництва на селі, фінансування розвитку житлово-комунального господарства за рахунок лізингових компаній. Зроблено висновок про те, що за рахунок державно-приватного партнерства відбувається введення новітніх розробок і технологій для споживачів небанківських фінансових послуг., The article considers the directions of implementation of public-private partnership taking into account the specifics of the activity of non-banking financial institutions in Ukraine. It is proved that public-private partnerships in non-banking financial services markets should be considered in those areas where non-banking financial services markets reduce the burden on the state budget and / or improve access of population to socially meaningful services. Such areas of cooperation between the state and non-banking financial institutions are the field of health care, the insurance of natural and man-made disasters, the development of social infrastructure through the issuance of infrastructure bonds, lending by credit unions on measures to improve energy efficiency of buildings and development of small business in the countryside, financing of housing and communal services development at the expense of leasing companies. It is concluded that due to public-private partnership, the introduction of the latest developments and technologies for consumers of non-banking financial services is underway.

В статті розглянуто основні моделі державно-приватного партнерства для розвитку транспортної інфраструктури, досліджено зарубіжний досвід ДПП та виділено окремі особливості здійснення проектів ДПП відповідно до кожної розглянутої країни. Проаналізовано джерела фінансування ДПП-проектів в дорожній сфері. Відповідно до зазначених джерел проектів державно-приватного партнерства, визначено схеми фінансування. Розглянуто особливості схеми фінансування комплексних довгострокових контрактів ДПП із залученням позабюджетних джерел фінансування для реалізації інвестиційної частини проекту. Досліджено досвід України у реалізації проектів ДПП у дорожній сфері. Наведено схему фінансування автомобільних доріг загального користування в Україні за умови створення Державного дорожнього фонду. Запропоновано нову модель фінансового забезпечення проектів транспортної інфраструктури на основі ДПП на регіональному рівні – фінансування шляхом випуску інфраструктурних облігацій. In Ukraine, as in other developed countries, transportation is one of the basic sectors of economy and the most important component of industrial infrastructure. Sustainable development of transportation system is a guarantee of the unity of economic space, free movement of goods and services, competition and freedom of economic activity, ensuring the integrity of Ukraine and its national security, improvement of the quality of life of citizens. Studies of the aspects of the formation and implementation of public-private partnerships (PPP) in various sectors of the economy were a part of the research of scholars, such as V. Varnavskyy, V. Geyets, I. Zapatrina, P. Zakharchenko, Y. Zvorykina, V. Kondratiev, T. Lebeda, A. Sosnovskyy, O. Pyltyay and others. The aim of the article is to study the forms of financial cooperation between the state and business in the development of transport infrastructure. Progressive experience shows that implementation of different models of public-private partnership in transport sector, especially in the construction of highways, is gaining significant momentum. From various tools of PPP projects in transport sector the most common are PPP – institutional alternatives that represent specific options of responsibilities distribution between public and private partners and the ability to use different kinds of incentives. The most common PPP models for transport sector include: concession agreements; operator (service) state contract; life cycle contract; lease with investment obligations. The main sources of funding for PPP in road construction projects include: budgets of different levels, private sector funds, resources of financial institutions, funds of international financial institutions and private investors, funds of institutional investors. One of contemporary forms of PPP is infrastructure financing through the issuance of infrastructure bonds. The ability to raise funds of a large number of investors for a relatively low cost makes infrastructure bonds one of the most promising forms of funding for transport infrastructure. The development of public-private partnership in Ukraine, given the limited financial state resources, has to become a factor of economic growth and development of infrastructure sectors

This paper examines key characteristics of infrastructure projects and the challenges that involves its funding today. Author analyzes the regulatory and economic prerequisites for using project financing of infrastructure on the Russian equity market. We consider the funding of infrastructure projects through the bond loan scheme, the possibilities and limitations of its practical usage. In particular, paper describes form of securitization through issuing bonds secured by the pledge of claims that will arise as a result of long-term investment project.

There are three stakeholders in a public-private partnership (PPP), (a) the government in office, (b) private firms (financial and non-financial) and investors (individual and institutional), and (c) final beneficiaries (taxpayers or users, present and future). The raison detre of PPPs is threefold: (i) to crowd in private firms and investors into projects that they will otherwise not undertake; (ii) to transfer to the private sector a significant part of the risks and costs that the government would otherwise fully absorb; and (iii) to ensure that the projects efficiency/quality is at least equal to that obtained if the government alone carried all costs and risks. Important (yet often ignored) implications follow. First, outsourcing (e.g., construction and maintenance) to the private sector does not by itself constitute a PPP if all risks and costs are, in one way or another, still borne by the government. Second, a PPP does not reduce total risk; it simply distributes it differently, involving private sector firms and investors. Third, the total costs borne by the final beneficiaries would be lower under a PPP (compared to a project whose costs and risks rest completely in the governments balance sheet) only if the PPP achieves efficiency gains; otherwise, what beneficiaries save in taxes they will pay in user fees, although, under a PPP, more of the costs would be assigned to direct beneficiaries/users, than to taxpayers at large. Fourth, that a PPP can provide (cash) budget relief may be a welcome corollary for the government in office but it is not a core objective of a PPP.

The explosive growth of green bonds in the capital markets is increasingly attracting attention from investors. This surge in interest has created a demand for accessible information on the green bond market. This primer was created in response to this demand and covers the principles of this relatively new financial instrument. The following intends to serve as a guide for those interested in better understanding the nature of green bonds. The content will aim to distinguish green bonds from other traditional financial instruments. It will also provide insight into the potential of green bonds to mobilize new sources of climate finance. This paper includes the following highlights: understanding bonds (chapter one); understanding green bonds (chapter two); and benefits and potential.

© 2015, Mediterranean Center of Social and Educational Research. All rights reserved. The article presents a comparative summary of the distributive and funded pension systems, discusses the advantages and disadvantages of each of them. The author of this article describes the various investment instruments in infrastructure, among which the author of this article allocates such class of assets as infrastructure bonds. The article analyzes investment characteristics of the main infrastructure segments and presents the classification of infrastructure projects in depend on the degree of risk. On this basis were given recommendations for the formation of the investment portfolio of infrastructure investments using a variety of tools and objects of investment.

Real gross domestic product (GDP) growth has slowed to a nine year low of 6.5 percent for FY2011-12, from 8.4 percent in the two previous years. The slowdown was most pronounced in the industrial sector, and more specifically in manufacturing and mining. In the quarter ending in June 2012, industrial output growth as measured by the Index of Industrial Production (IIP) has been negative. The contraction was particularly pronounced in the production of capital goods, which is in line with falling investment demand on the expenditure side of the National Accounts. The current account deficit reached a record 4.2 percent of GDP in FY2011-12, because of decelerating export growth and high crude prices. Merchandise exports grew by 41 percent in September 2011, but their growth slowed to 2 percent by August 2012 (measured as 12-months cumulative exports compared with the same 12 months of the previous year). Inflation reached 7.6 percent in August 2012. This represents a marked slowdown since September 2011, but there has been an uptick in food prices in recent months. Also, higher domestic prices for fuel, which are necessary to rein in spending on subsidies, will contribute to inflationary pressure. Inflation is therefore expected to reach 8 percent at end-March 2013. Real GDP growth is forecast to reach around 6.0 percent in FY2012-13, after 5.3 percent growth Q4 of FY2011-12 and 5.5 percent growth in Q1 of FY2012-13. The slowdown is at least partly caused by structural problems. These include power shortages, which are partly caused by the financial difficulties facing the electricity sector as discussed in the special topic section of this update, the corruption scandals that have hit the mining and telecom sectors, investor uncertainty because of pending changes in legislation (mining, taxes, land acquisition), and the tightening constraints of land and infrastructure. Tighter macroeconomic policies, slow growth in the core Organization for Economic Co-operation and Development (OECD) countries, and worries about another global recession also weigh on growth. Important signals to revive domestic growth drivers to lift sentiment more than produce instant efficiency gains could come from reforms recently announced and, more importantly, the reform of direct taxes, the implementation of the long-delayed Goods and Services Tax (GST), and passage of the land acquisition and mining bills. This update also looks closely at two important topics for medium- and long-term growth, namely India's Right to Education (RTE) Act, which aims to shape elementary education, and the financial difficulties in the Indian power sector.

Despite the recent slowdown, the underlying growth of the global economy remains solid. After a 4 percent growth in 2010, Russia's real output is expected to grow 4.4 percent in 2011, increasingly driven by domestic demand. Russia's households have absorbed the food price shock thanks to a combination of higher wages and pensions, and resort to private and public safety nets. The country emerged from the global recession with lower unemployment and poverty than feared. But global risks and uncertainties increased with the new oil shock. Although the short-term impact will be positive for Russia's export and fiscal revenues, there is no room for complacency. Macroeconomic policy should focus on the short-term objective of controlling inflation and medium-term fiscal adjustment towards long-term, sustainable level of non-oil fiscal deficit. Improving the efficiency of public expenditure to create fiscal space for productive infrastructure and strengthening the investment climate for the private sector remain among key long-term challenges. The ongoing rethinking of the government's long-term strategy and a period of high oil revenues provide an opportunity to focus on these long-term issues more forcefully than during the global crisis.

Beginning in the late 1980s many developing countries turned to the private sector to provide basic infrastructure and utility services, such as highways, railroads, water, wastewater, electricity, gas, and telecommunications. Recent studies suggest that private involvement often benefited customers and reduced government fiscal problems without harming employees or enriching private providers excessively. There were enough high-profile failures, however, to discredit this reform in many quarters. Private involvement is likely to be more successful if it generates real efficiency gains rather than simply transferring costs among parties, if the systems of regulating the private companies are politically sensitive as well as technically competent, if the costs and constraints of private capital are not excessive, and if we are willing to adopt more modest and gradual schemes in difficult circumstances.