Mechanisms for accelerating the process of the infrastructure renewal

¹ Moscow State University of Civil Engineering, 129337, Yaroslavskoye shosse, 26, Moscow, Russia
² Russian Presidential Academy of National Economy and Public Administration, 119571, Vernadsky avenue, 84, Moscow, Russia

Abstract

Critical deterioration of infrastructure increasingly becomes an obstacle for the development of modern Russia. Large projects in virtually all sectors of the national economy cannot be implemented without accelerating the resource turnover and reducing the delivery time of finished products to the consumer. Meanwhile, infrastructure projects are not only capital-intensive, but also pay back slowly due to objective economic and natural-climatic reasons. In addition, the current stage of the country development is characterized by the inability to achieve growth in budget expenditures for these purposes, which requires the creation of special mechanisms for investing in infrastructure projects. The practice has developed a number of approaches to solving infrastructure issues, such as the public-private partnership in the terms of concession, syndicated lending, etc. Meanwhile, the investment activity of these mechanisms is insufficient for the scale of implementation of demanded projects. The infrastructure mortgage mechanism proposed by the Ministry of Economic Development of the Russian Federation may be a solution of this problem. Debatable character of the model of implementation of infrastructure projects using mortgage instruments, the analysis of approaches and points of view of the problem and the ways of its solution allowed the authors suggesting the key measures that make it possible to give the infrastructure mortgage mechanisms a justified character in the operational mode of time.