In the next three years, businesses should not count on budget money as investments in the implementation of their infrastructure projects, said yesterday at the forum of the MTPF by the first Deputy head of Ministry of Economics Andrey Ivanov. Until the authorities are ready to support infrastructure initiatives entrepreneurs more regulatory measures. In particular, the Ministry of economy promises to expand the scope of the law on the NPC and enhance the attractiveness of concession agreements.Yesterday at the forum of RSPP “Infrastructure business initiatives” big businessmen discussed the ways of attracting investments from non-budgetary sources in infrastructure projects. Increase the flow of budget money in the current environment, they, according to the officials should not wait. As noted on the forum the first Deputy head of Ministry of Economics Andrey Ivanov (last week appointed to this position as Deputy Minister of Finance for supervision of major investment projects and agreements on the protection and promotion of investment, NPC), to rely on the growth of budget investment expenditures in the next three years is not worth it. The authorities are ready to provide business mainly non-financial support: in the White house are now considering a mechanism to attract private investment as perpetual bonds (the nominal value is not redeemed, but they give “eternal” rental income; see “Kommersant” on 11 July), as well as doustraat the Institute for public-private partnerships.The business itself, judging by the speeches at the forum, the most promising form of investment in infrastructure considers the mechanism of concessions. As explained by the CEO of IC Holding in Russia and CIS and head of the RUIE’s Subcommittee on investment policy Igor Koval, the cost of debt financing at a low key rate competitive even against the “eternal” bond of 6.55%, only 1.5 percentage points higher than that OFZ. Further reduction in the cost of loans it offers to achieve through the introduction of a mechanism parallel competitive financing: rights of grantor to conduct a two-stage procedure for the selection of the funding organization (the syndicate) with the most attractive conditions. Yet, the absence of a mechanism of compensation of expenses of the investor in a private concession initiative leads to a lack of investment in pre-investment phase of projects and lack of projects. However, the necessary provisions are already included in the preparing now in the economy a bill with changes in the mechanism of concessions (see “Kommersant” on July 21).With regard to the proposed financial instruments, the business representatives do not propose to confine the “eternal” bond, but to attract funding from development institutions — private equity and venture capital investment. Adveayou Deputy head of the Russian venture company Aleksei Basov, liquidity, and financial savings funds reached a maximum value and they may be involved not only technology, but also related industries. Examples of the integration of infrastructural and technological projects, said Alexey Basov, can be unmanned solutions, and monitoring tools.Note that part of the business relies on the creation of a separate financial institution to support infrastructure projects, but the Ministry of economy of the need for such a structure is in doubt. “If the Bank projects of the same type, one industry and one sector constitute a significant part of the portfolio, the projects — that’s the way regulation of the Central Bank — have to give higher rate because the portfolio is not diversified,” said yesterday Andrey Ivanov.For their part, officials are waiting for business ideas in order of selection of projects concessions and fixing the obligations of the parties in a special register. Andrey Ivanov reported that at the request of entrepreneurs, the law on NPC this fall can be extended to housing projects (for integrated development) and will facilitate the implementation of the housing project. However, there is a demand for the results of investment activity of large business will depend on recovery in consumer demand, while the same statistic shows the reduction in real disposable incomes (see “Kommersant” on 20 July).Diana Galieva
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