Effectiveness of a public-private partnership mechanism in financing of social infrastructure
EDN: RUEKYF DOI: 10.22394/2071-2367-2022-17-4-104-122
Keywords:
public-private partnership, social infrastructure, infrastructure bonds, budget credit, accessibility fee, PPP project payment mechanismAbstract
The purpose of the article is to consider the effectiveness of the mechanism of the public-private partnership in the implementation of social infrastructure projects.
It is argued that public-private partnership contributes to the effective distribution of risks and costs for the creation of infrastructure facilities between the private and public parties. It is shown that the branches of social infrastructure differ from each other depending on the ability of an object to generate revenue at the operational stage, which means to ensure the return on investment invested in its construction. It is substantiated that from the point of view of budgetary efficiency, the mechanism of public-private partnership is effective mainly for social infrastructure projects with a potential commercial component. It is stressed that for the objects that are completely free for all users of the infrastructure, it is advisable to use other tools instead of public-private partnerships such as direct funding from the budget.
As a result, the author draws a conclusion that the attraction of borrowed sources of financing can be carried out directly by a public legal entity, and using infrastructure budget loans, issuing infrastructure bonds with the guarantee of «DOM.RF», subsidizing interest rates on borrowed funds.
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