World experience of private public partnership investment management. Coursework: Public-private partnership: world experience and Russian practice
An analysis of foreign experience in the application of PPP mechanisms has revealed a number of global trends in the development of the latter as an independent economic institution.
PPP agreements are concluded in many areas of activity, such as the social sphere, communal and energy infrastructure, ecology and national defense. However, most often the public sector attracts private investment in the transport industry. IN European countries There are many PPP projects for the construction of toll roads. About 300 PPP projects are underway in India to create highways and lay railways, so that 85% of all roads in this country are built under PPP schemes. The PPP model is widely applied in the construction of underground railways in different parts of China. These projects, such as the construction of the Beijing Subway, are large scale.
Among the countries of the near abroad in Kazakhstan, in the form of a concession agreement, major projects for transport support have been implemented: the construction and operation of a new railway line Shar - Ust-Kamenogorsk, the railway sections Eralievo - Kuryk and Korgas - Zhetygen, the passenger terminal of the Aktau international airport.
The formation of the PPP market is impossible without improving the legislative support for this activity. In countries with high level development of PPP, the legislative consolidation of this concept has been carried out, a legal field has been formed that regulates the rights and obligations of the parties to the agreement. Also, in many countries, there are various industry and departmental acts on PPPs (Law on the method of managing urban utility concessions in China, Law for local governments regarding contracts in the UK, etc.).
In order to better understand the risks and build approaches to pricing, ministries and departments develop exemplary (standard) contracts for various PPP areas, which significantly reduces the cost and duration of pre-project work to conclude an agreement between the parties to the partnership.
Many countries have developed guidelines for the selection and evaluation of PPP projects. For example, in the UK there are regulations on public contracts, and in Germany there are a number of guidelines for the methodological support of PPP transactions.
In leading foreign countries, the institutional environment of PPP is being consistently formed to extend this mechanism to various areas, in particular, systems of management bodies in the field of PPP are being created. These include both state (agencies, divisions of ministries, departments), as well as semi-state (mixed companies) or commercial structures.
In many countries, national authorized bodies in the field of PPPs have been established under the government. Depending on their terms of reference, these bodies can deal with projects in all sectors of the economy or specialize in one sector, such as roads. In a number of countries (Germany, Czech Republic, Portugal, Republic of Korea), special public-private companies have been formed to manage the PPP sector and individual projects.
In order to promote the practice of PPP, exchange of experience and improve coordination, interdepartmental bodies are being formed in some countries. Thus, in Ireland there is an Inter-Ministerial PPP Group, which involves representatives of ministerial structures dealing with issues of partnership between the state and business. Australia hosts the National PPP Forum, which is the main entity for the coordination and collaboration of national, provincial and local governments dealing with PPP issues.
An analysis of the development of PPP mechanisms abroad shows that there are three groups of countries in terms of the level of development of PPP as an economic institution.
The first group should include states in which the PPP market has not yet been formed. These countries lack PPP legislation, institutional environment, and experience in project implementation. As a rule, states of this type (Bangladesh, Jamaica, Philippines, etc.) have low investment attractiveness at the international level and low rates of economic development; they are characterized by a lack of transparency in the conduct of competitive procedures and a high level of corruption.
The second group includes countries where PPP is in its infancy. In these states, the process of legislative registration of PPPs is underway, legislative norms are being developed, and there is no experience in implementing specific projects or is still extremely limited. So, in Kyrgyzstan and Uzbekistan, policy documents in the field of PPP have been developed, but the projects themselves are not being implemented. Brazil has created a concession law that sets out the main provisions of the PPP contract, but the state has failed to ensure a steady flow of private investment in public infrastructure.
Also, this group can include countries in which, on the contrary, a certain experience in the implementation of PPP projects has been formed, but there is no special legislation in this area yet, and these projects are being implemented in accordance with general rules of law. For example, in India, more than 700 contracts worth a total of $57.6 billion have been concluded, which is comparable to the largest European markets, but there is still no full-fledged institutional environment in the field of PPP in this country.
The third group includes states that are leaders in the field of PPP (Great Britain, Ireland, France, Germany, Australia, etc.). In these countries, a comprehensive system of legislation has been formed, there are stable conditions for the development of PPP, industry documents have been developed in this area, there is a developed management and planning system, and a competitive PPP market is operating. The experience of such states makes it possible to determine the long-term vector of PPP development in Russia.
It should be borne in mind that foreign experience cannot be fully transferred to domestic soil, since the priority role in the economic activities of developed Western countries, as a rule, belongs to the private side. In Russia, due to the historical structure of the economy, the center of gravity in matters of infrastructure development has traditionally been on the side of the state. In order for the partnership between the state and private business to be able to effectively fulfill the tasks of the country's socio-economic development, it is necessary, based on the analysis of foreign experience and based on national conditions, to develop our own targets and stages of development of the PPP sphere, identify priority sectors for the application of PPP mechanisms, and select priority directions and measures to stimulate the development of PPP mechanisms that are acceptable for Russia.
BULLETIN OF THE PERM UNIVERSITY
2012 ECONOMY Vol. 3(14)
SECTION IV. INSTITUTIONAL ECONOMY
INTERNATIONAL EXPERIENCE IN THE DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIPS IN ECONOMICALLY DEVELOPED COUNTRIES: INSTITUTIONAL ASPECT
I.Yu. Merzlov, Ph.D. Sciences, Assoc. departments of management
Email address: [email protected]
Perm State National Research University, 614990, Perm, st. Bukireva, 15
The international experience in the development of public-private partnership (PPP) is summarized on the example of such economically developed countries as Great Britain, Ireland, France, the USA and Canada. Particular emphasis is placed on legislation and development institutions responsible for the implementation of PPP policies. This arrangement of accents is connected, first of all, with the need to identify the best world practices in order to determine the most favorable conditions for the practical implementation of PPP approaches in Russia.
Keywords: public-private partnership; PPP development center; criterion "price-quality ratio".
The world experience of the last two decades in the field of practical implementation of public-private partnership (PPP) at the levels of national economies has confirmed the fact that the approach under consideration is one of the most effective tools for attracting investment in capital-intensive infrastructure projects. In addition, it is objectively clear that for the systematic development of this area, it is necessary to have an appropriate legislative framework. It is also extremely important to create a special institution whose main task should be to systematize the principles of PPP and organize practical work both at the federal and regional levels.
The United Nations (UN) Commission on Social and Economic Development notes that in various countries of the world today there are 51 PPP development institutions, 24 of them in Europe, 2 in North America, 5 in South America, 7 in Africa , 13 - in Asia. In addition, there are 9 international organizations whose competence, along with other functions, includes the development of PPP (for example, the UN, EBRD, International Finance Corporation, etc.).
Let us consider the most typical examples of developed economic powers, the generalization of the experience of which will ensure the formation
formation of an institutional basis for creating the prerequisites for the effective development of PPP in our country.
Great Britain. The first attempts to attract private capital to the implementation of investment projects initiated by the state date back to the early 1980s. 20th century These measures were carried out by the Thatcher government in order to reduce the influence of the public sector on the country's economy. In fact, the situation began to change in 1992, when the target program “Private Finance Initiative” (PFI) began to be implemented in the country, designed to stimulate more active participation of the private sector in government projects .
Currently, PFI has become part of the overall government program for the development of PPPs in the UK, which includes privatization processes and any other form of joint activity between the state and the private sector, including the provision of guarantees. At the same time, the most specific features of the PFI program are as follows: first of all, PFI projects are considered from the standpoint of how their implementation will improve the quality of life of the population, and not from the standpoint of the acquisition of new assets by the state; the private party takes on a long-term commitment to maintenance
© Merzlov I.Yu., 2012
any asset or service; the government, in turn, assumes long-term obligations to meet the demand for relevant products or services; a significant part of the project risks is assumed by the private party; the main criterion used when deciding to initiate a PPP project is the value for money (VFM) assessment. At the same time, VFM evaluation is understood as a system of criteria related to the economy, performance and efficiency of a service, product or process, for example, comparing the cost of costs and the value of results, quantitative and qualitative assessment of methods for involving, using and managing resources.
Currently, PPP projects in the UK have a different industry focus, including projects implemented in socially significant areas (schools, hospitals, prisons, courts, fire departments, police, waste processing and housing construction), transport infrastructure, information technology, product manufacturing military purpose and leisure. The largest projects are being implemented in the transport industry. In particular, this is the reconstruction of the London Underground, the expansion of the motorway network and the construction of large bridges.
In PPP projects in the UK, as a rule, the risks are distributed as follows. The private party assumes the risk associated with the construction of the property, as well as the risk of non-delivery of products and / or non-provision of services specified in the contract. In the case when the right to use the assets remains with the private party, it also assumes the risk of changes in demand. The state, in turn, takes on the risk of changes in demand in the volumes in which it plans to purchase products and / or services of the private party, as well as the risk of inflation. In our opinion, such distribution of risks makes PPP an effective investment tool.
The effectiveness of PPP policy implementation in the UK is also confirmed by the fact that, based on information from independent audit reports, more than two-thirds of all PPP projects in the country were implemented on time and there were no cost overruns over the established budget. For comparison, according to world statistics, less than a third of private investment projects are implemented on time and within the initially established costs. In addition, PPP projects in the UK consistently generate more
savings in financial resources compared to any alternative form of public funding.
The positive results of the implementation of the PFI program contributed to the fact that the first PPP development center in history was created in the UK in 1999 - Partnerships United Kingdom (PUK), - the shareholders of which were private companies (51%) and the state (49%, including including 44.6% owned by the UK Treasury and 4.4% by the Scottish government). At the time of creation, the number of employees was 20 people, currently - 75 people.
The main functions of the PUK are to assist the public sector in the selection of suppliers and the implementation of the procurement process, as well as in the management of PPP projects based on the involvement of external consultants. The charter of the organization clearly states that the main purpose of the functioning of the PUK is to take care of the interests of the state based on the principle of VFM.
At the same time, in order to minimize the potential conflict of interests between the state and private business, the UK Treasury has established an Advisory Board, whose members can only be civil servants. This Council does not have the right to interfere in the decision-making process of the PUK, but at the same time it is obliged to monitor and evaluate the effectiveness of the functioning of the PPP center from the standpoint of public interest.
It is legally stipulated that state customer organizations, if they wish, can apply either to the PPP center or to any other commercial organization that provides consulting services in the field of structuring investment projects, including on the principles of PPP. This decision was made in order to maintain a competitive environment and, as a result, ensure high quality project management, as well as to minimize bureaucracy. In fact, the vast majority of PPP projects are implemented with the participation of PUK. The fact that it operates under the patronage of the UK Treasury adds credibility to the PPP center.
The main part of the income received by PUK is formed as a fee for state customers for the services provided in the preparation and implementation of PPP projects.
In addition, PUK can be a party (shareholder) in special design organizations (special purpose vehicle, SPV) created at the initial stage of the PPP project implementation. An example is
participation of PUK in the project organization “Cooperation of Schools”, where it is a shareholder together with the Ministry of Education. In turn, this organization is responsible for the implementation of the targeted investment program “Building the Schools of the Future”.
Since 2007, in the context of the growing global financial crisis, many PPP projects have remained underfunded due to the fact that private business has increasingly begun to curtail its investment plans. In such circumstances, in order to further encourage the private party to participate in PPP projects, in 2009, an infrastructure finance unit (TIFU) was created within the Treasury. The primary tasks of this unit were to finance PPP projects subject to their compliance with pre-established criteria, advise the government on long-term infrastructure projects, and provide commercial expertise for large projects.
It should be noted the tasks that PUK and TIFU currently set for the further development of the PPP methodology:
1. Ensuring further development of methodological approaches to public procurement.
2. Improving the legal structure of the PPP contractual framework.
3. Ensuring greater predictability and transparency in the structuring and implementation of PPP projects.
4. Reducing transaction costs.
5. Improving reporting on the progress of the implementation of PPP projects in order to increase the level of its consistency and information content.
6. Development of guarantee instruments and mechanisms for attracting financing in cases where the state acts first as a borrower, and later as a creditor of a private party, which should result in a reduction in the cost of attracted resources.
Thus, the experience of the UK in the systematic implementation of PPP approaches in the country's economy has become a kind of benchmark and model for a number of other countries.
Ireland. The interaction between the private sector and the state in Ireland began with the establishment of hospitals and schools with the participation of religious organizations and the management of toll roads. The decision to develop PPP on a systematic basis was made in early 1998, which was facilitated by a huge deficit in financing infrastructure projects. The combined efforts of the Union of Ireland
employers and workers, the Federation of Builders and the National Socio-Economic Council contributed to the fact that in December 1999 the National Development Plan 2000-2006 was adopted, which formalized PPP as one of the ways to develop the national economy. At the same time, PPP is defined as an agreement between the public and private sectors, which fixes a clear distribution of risks between participants and gives the right to the private party to provide socially significant services using public infrastructure, on principles different from standard public procurement.
At the initial stage, the steps to implement PPP in practice were extremely balanced and cautious. In June 1999, the government announced that the program would begin with eight basic pilot projects related to schools, public transport, roads, and waste management. Nevertheless, the National Development Plan included rather large-scale tasks for increasing investment in PPP projects, which was reflected in government reports. So, out of 17.6 billion Irish pounds invested in 2000-2006. in infrastructure development, 1.85 billion was spent on projects implemented in the form of PPPs.
Three factors contributed to the rise in importance of PPPs:
1. An opportunity was provided for quick entry into PPP projects of interested parties. It is especially important that the government ensured the absolute transparency of projects for the private side in terms of obtaining any information about the projects proposed for implementation.
2. The ongoing process of improving the situation in the field of budget financing has allowed the government to pay more attention to the macroeconomic, social and other positive effects of PPP projects in comparison with tax revenues.
3. Despite a number of institutional difficulties that appeared during the implementation of pilot projects, it was initially decided that it was necessary to complete each project being implemented, which ultimately contributed to the successful implementation of PPP approaches.
The PPP law itself was adopted on March 22, 2002. This contributed to the further development of the PPP Program and by mid-2003, 36 large PPP projects were approved, the average cost of each of which was about 6.4 million euros, and along with them more more than 100 small pro-
PPP projects. Most of the projects were related to water resources, and the largest were related to road construction. The vast majority of projects were implemented at the level of municipalities. In addition, the government has started giving grants to municipalities to encourage small-scale PPP projects in areas not directly related to the main areas of infrastructure development (for example, business parks, culture, leisure, tourism and affordable housing). However, the number of PPP projects increased slowly, which was primarily due to the longer than expected by the private party, the procedure for awarding contracts. In addition, in the total volume of infrastructure projects, PPP projects accounted for only 5%, while the National Development Plan provided for 10%.
In order to further stimulate the evolution of the PPP process, the National Development Finance Agency was established, the main functions of which were to mobilize financial resources for PPP projects and provide advice to ministries and departments in the preparation and implementation of PPP projects.
France. On June 17, 2004, the President of France signed Order No. 2004-559 "On PPP Contracts", which defined the basic approaches to organizing PPP projects in the country. In particular, a definition was given to a PPP contract: it is a civil law contract, according to which the state or a company representing the interests of the state instructs a third party during the investment period or the period established by the terms of financing, complex project work related to construction, redevelopment repair, maintenance or management of fixed assets or intangible assets. At the same time, the project must have a high social significance.
The entry into force of this order led to the fact that the Ministry of Finance initiated the creation of the French PPP Development Center (Mission d'Appui aux PPP (MAPPP)) (MAPPP), which was officially opened in May 2005. The main goal of MAPPP is to assist the executive bodies of the state authorities (initiators of PPP projects) in the preparation and implementation of PPP projects throughout France.
The PPP Center was established as a structural subdivision of the Ministry of Finance and employs six people. All decisions made by the center and related to the regulations
functioning are coordinated with the ministry.
The main functions of MAPPP are as follows: development of a methodology for public procurement and evaluation of PPP projects; checking the completeness of documents for compliance of the PPP project under consideration with legal, financial and quality requirements (including according to the VFM criterion); verification of the reliability and correctness of the submitted feasibility study of the project; assistance in choosing private consultants; conducting a comprehensive assessment of the project before its final approval by the Ministry of Finance. In addition, the center develops methodological materials in order to provide consulting assistance to relevant ministries and departments in the process of PPP development. The Center publishes newsletters and participates in various conferences and other events aimed at expanding the scope of PPP and sharing experience between participants. At the same time, the center does not have the authority to independently implement PPP projects, does not conduct tenders and any other activities related to the public procurement process.
Financing of the current activities of MAPPP is carried out exclusively under the relevant item of the state budget. Accordingly, MAPPP is not entitled to receive remuneration from relevant ministries and departments (initiators of PPP projects). Projects at the regional and local levels can be implemented without the involvement of MAPPP.
The further development of PPP in France was facilitated by the adoption of Law No. 2008735 of July 28, 2008 "On PPP Contracts", which developed and clarified the provisions of the order mentioned above. In particular, criteria for the effectiveness of concluded PPP contracts were introduced. In the past few years, the largest number of PPP projects have been implemented in the construction and maintenance of roads, as well as water supply.
USA. In the United States, there is no federal law that establishes uniform approaches to the implementation of PPP projects. At the same time, the analysis of the legislation shows that in the vast majority of states there are existing regulatory and legal documents regulating specific areas (by industry) of applying PPP approaches.
The main institution responsible for the development of PPP in the country is the National Council for Public-Private Partnerships (NCPPP), which was formed in 2005. The Council is a
commercial organization within the government of the state of Colombia, whose mission is to advocate and promote PPP approaches at all levels of government in those areas where necessary, as well as to create prerequisites for business cooperation between the state and the private sector in order to improve the quality of goods and services based on effective cost management in socially significant areas for the country's population.
The Council defines PPP as follows: it is a form of agreement between any level of government (federal, state or municipal) and a private business. The terms of this agreement provide for the sharing of the experience and assets of each of the parties in order to create products or provide services necessary for society as a whole. In addition to the distribution of resources, the terms of the agreement provide for the distribution of risks and income for the project between the parties involved.
NCPPP solves the following tasks:
Carries out general information in order to popularize PPP approaches.
Promotes information exchange between the state and private partners in terms of the practical implementation of PPP approaches.
Conducts training seminars and trainings on PPP.
Provides methodological support during the preparation and implementation of international PPP projects, including the analysis of the legal and regulatory framework related to PPP.
There are two types of membership of private sector representatives in the Council:
1. Sponsorship. Such participants can be representatives of businesses, non-profit public organizations and other organizations that are willing to pay membership fees. Sponsor members are eligible to be members of the board of directors.
2. Main participation. Such participants can be organizations of any industries and organizational and legal forms. This category of members does not have the right to vote in making management decisions on behalf of the Board. This form of participation allows you to submit your own initiatives for the development of PPP for the final decision of the Board of Directors.
In addition, a number of other organizations operate in the United States related to the development of PPP in the country: in the field of transport infrastructure development - the Federal Highway Administration (FHWA)), in the field of support
international projects - the Department of State: Global Partnership Initiative and the Millennium Challenge Corporation (MCC), as well as a number of regional PPP centers (for example, California: Performance Based Infrastructure, Maryland: Transport Authority, Texas ; Transportation Authority).
Canada. Canadian legislation defines PPP as a form of joint cooperation between the public and private sectors, based on the experience of each of the partners and designed to best ensure the solution of socially significant problems for the population based on the effective management of resources, risks and income distribution.
At the federal level in Canada, there are two organizations whose activities are aimed at the development of PPP.
One of them is the Center for the Development of Federal PPP Projects (PPP Canada), established in February 2009. He is the manager of Canada's PPP Investment Fund (PPP Canada Fund), which in turn provides funding for innovative federal PPP projects. In addition, PPP Canada provides advisory support to the government in matters related to the implementation of investment projects, and is also actively trying to introduce PPP principles into other federal investment programs related to the development of the country's infrastructure.
The second organization, which is called the Canadian Council for Public-Private Partnerships (CCPPP), was established in 1993 and aims to promote and attract public attention to PPP issues through systematic research and organization of annual conferences and special seminars.
At the same time, it is necessary to pay attention to the peculiarity of Canadian legislation, which lies in the fact that all projects with a planned cost of more than 50 million Canadian dollars must be implemented only on the principles of public procurement. Lower cost projects can be implemented on PPP principles.
A study of the experience of organizing and operating PPPs in developed countries made it possible to distinguish three main groups of PPP centers according to their functions:
1. Centers whose functions are limited to the evaluation of PPP projects prepared by the executive authorities and the development of guidelines for the implementation of PPP projects.
2. Centers that perform the widest possible functions for the development of PPPs, including providing comprehensive advice to executive authorities, promoting the development of a business and political environment for the successful operation of PPPs in various industries, searching for and disseminating best practices.
3. Centers that perform the only function - the dissemination of best practices.
Experience shows that centers belonging to the third group sooner or later expand their functionality and move to the first or second group.
In addition, all existing PPP Centers in developed countries can be classified according to the quality of interaction with the Ministry of Finance, dividing them into two groups:
1. PPP centers, which are structural subdivisions of the Ministry of Finance. The advantages of such centers include the following: it provides better interaction with the body that makes the final decision on PPP projects, and minimizes the likelihood of conflicts of interest. At the same time, there is also a significant drawback - there are no powers for independent decision-making, which increases the overall time for consideration of the project. In addition, the centers, in fact, are state structures, therefore, manifestations of bureaucracy may appear in them.
2. PPP centers, which are independent institutional units. The advantages of such centers include the fact that they inspire more confidence of the private side, as well as less restrict employees in the level of remuneration, which helps to attract more highly qualified specialists. But at the same time, a slowdown in the pace of coordination procedures with executive authorities is possible.
Another classification of PPP centers can be carried out according to the criterion of the sources of financing used, thus subdividing all centers into three groups:
1. Centers financed from the budget. Such centers make up the vast majority.
2. Centers that receive remuneration for the services provided and are self-supporting.
3. Centers using both sources of funding.
In addition to the identified differences, it is necessary to note the common features inherent in all PPP centers:
1. They do not have the right to make a final decision on the implementation of a particular PPP project. Such powers generally remain within the Ministry of Finance or other similar executive authority. However, the recommendations of the centers overwhelmingly coincide with the final decision of the ministry making the decision.
2. All PPP centers in one form or another are engaged in business planning.
3. Provide assistance to project initiators in the selection of financial, technical and other consultants.
4. Participate in the process of public procurement, including requesting proposals for concluding contracts, analyzing the proposals received, assisting executive authorities in concluding a contract.
Common to all countries (except the United States) is that at the legislative level, legal documents have been approved and are in force that establish general rules for the implementation of PPP.
Thus, the complexity and increasing number of PPP projects have led to the fact that at the state level in many countries of the world special centers or structural units have been created for the development, implementation and monitoring of PPP projects. It is important to understand that a qualitative and quantitative leap in the development of PPPs in the countries under consideration occurred precisely after the emergence of an appropriate institution, reinforced by a well-developed legislative framework. Therefore, we can conclude that the effective development of PPP in Russia in the long term is possible only if such centers are created and the subsequent development of a practice-oriented legislative framework at the federal and regional levels.
Bibliography
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Great Britain. URL: treasury.gov.uk> 2. Official website of the Commission Organizing nization of the united nations for socio-economic development. URL: 3. Official website of Canada's PPP Development Committee. URL:< http://www.pppcouncil.ca> (Accessed: 4. Official website of the US National PPP Council. URL: 5. Official website of the National Finance Agency for PPP Development of Ireland. URL:< http://ppp.gov.ie>(date of the application: 6. Official website of the UK PPP Development Center (PUK). URL: 7. Official website of the Development Center PPP Portugal. URL:< http:// http://www.parpublica.pt> (accessed: S. Official website of the PPP Development Center of France. URL:< http://www.cefoppp.org>(date of access: 30.03.2012). 9. Sheshukova T.G., Ponomareva S.V. Transformation methodology financial reporting in the conditions of transition to IFRS in the oil and gas complex // International Accounting. 2005. No. 11. pp. 17-23. Airapetyan M.S., Adviser of the Department of Analytical Research of the Legal Department of the State Duma of the Russian Federation, Doctor of Economics. The Analytical Department of the State Duma Apparatus has studied foreign experience in the use of public-private partnerships and notes the following. The term "public-private partnership" is a translation of the world-wide concept of public-private partnership. In foreign countries, as in Russia, the term "public-private partnership" is sometimes used to emphasize the priority role of the private sector. Based on the content of the concept of "public-private partnership" and modern Russian realities, in Russia it is advisable to use the term "public-private partnership", which clearly defines the leading role of the state. Interest in the investment component of cooperation between state power and private business arose quite a long time ago: the first construction of a canal on a concession basis in France dates back to 1552. Active public-private partnership in a concession form was used by many countries, including Russia, at the turn of the 19th - 20th centuries especially for the construction of railways. The last round of interest in PPP emerged in the 1990s. in the UK, when the British form of PPP began to develop - the "private financial initiative" (private financing initiative, PFI), the essence of which was to attract private investment for the construction of large public facilities, i.e. when, in fact, private business itself carried out the construction of a state facility at its own expense. The private investor's expenses are subsequently compensated either from operating income or from payments from the budget. In many cases of private financial initiative, the investor is involved in the further operation of the facility and the organization of its activities, up to the hiring of personnel. The objects of private financial initiative can be infrastructure (including roads and railways), schools, hospitals and even prisons. In the UK, private finance initiative, the main form of PPP there, has cost £24bn over the past 10 years, with projects totaling £12bn planned over the next three years. Up to 80 new agreements are signed annually. According to the British government, such projects provide 17% savings for the country's budget. The need for PPP arises primarily in those areas for which the state is traditionally responsible - public facilities (transport, utilities, social infrastructure, cultural facilities, historical and architectural monuments, etc.), the so-called public services (public services ) - repair, reconstruction and maintenance of public facilities, cleaning of territories, housing and communal services, education, health care. The state, as a rule, cannot completely abandon its presence in these areas and is forced to maintain control either over certain property (remain the owner) or over a certain type of activity. In any case, this means funding from the relevant budgets. PPP, by its economic nature, is the result of the development of traditional mechanisms for the interaction of economic relations between government and the private sector in order to develop, plan, finance, build and operate infrastructure facilities. Therefore, the partnership between the state and the private sector should be characterized as a long-term interaction in order to attract additional sources of financing. At the same time, PPP will not cancel privatization. Of course, there are areas where private business can operate without state participation. However, there are traditional areas of state responsibility: defense, social sphere, infrastructure. From a purely market position, they are unattractive and may disappear if their assets are transferred to private hands. In addition, the state cannot completely transfer them into ownership. Therefore, in practice, it is quite logical that the so-called semi-privatization arises, with which PPP is often identified. This gives reason to consider PPP as an intermediate form between state and private ownership, as well as a kind of managerial alternative to privatization. The main goal of public-private partnership (PPP) is the development of infrastructure in the public interest by combining the resources and experience of each of the parties, the implementation of socially significant projects at the lowest cost and risk, provided that high-quality services are provided to economic entities. PPP is a qualitatively new and effective way to attract investment, since partnerships of this type can not only promote economic growth, but also develop socially important infrastructure. The basic features of PPP are as follows: Depending on the nature of the specific tasks solved within the framework of PPP, the entire set of existing and newly emerging forms of partnerships is divided into separate types (models). According to the goals of PPP, organizational models, models of financing and cooperation differ. In many cases, partnerships use forms based on the advantages of different models and their combination. Organizational models do not imply a significant intrusion into property relations, this usually does not happen, cooperation between public and private partners is carried out through the involvement of third organizations, the assignment of individual functions and contractual obligations, and the use of the possibility of transferring objects to external management. The organizational model includes the most common type of PPP at present - concessions. Financing models include forms such as commercial hire, lease, all types of leasing, pre-financing and integrated project financing. PPP models in terms of the methods used for their development and implementation can be considered as a development of classical methods and procedures of project financing. However, some features of the interaction between public and private structures necessitate a number of additional requirements for the relevant projects. Common features of project finance and PPP models are: Cooperation models represent all kinds of forms and methods of combining the efforts of a number of partners responsible for individual stages of the overall process of creating a new use value as a public good. Often such cooperation requires the organization of complex, including holding, structures for the construction of facilities and their operation, especially in the field of production and social infrastructure. The basic principle of the PPP concept is that the state determines what services and infrastructure it needs, and private investors put forward proposals that should best meet the requirements of the state. The concept of PPP, as a rule, is carried out in the following order: An important part of transactions within the framework of PPP is the distribution of tasks, opportunities and risks among project participants. In this case, as a rule, the following condition is observed: the solution of a specific problem is entrusted to the partner who can do it with the greatest efficiency. The distribution of tasks and responsibilities between the state and the private sector depends on the scope of the project. The more important a public service (public good), the lower the market risks associated with its provision, and the higher the need for government regulation. World experience in the implementation of infrastructure projects shows that the state often takes on market risk within certain basic conditions. The functions of the state depend on the distribution of risks and opportunities. If the private investor bears most of the risk for the project, then the state has limited power to interfere with the project or largely control it. The state benefits from the increase in budget revenues associated with the project, as well as from indirect effects: the revival of the market and the growth of the investment attractiveness of the regions. The optimal structuring of PPPs within individual projects creates opportunities for obtaining benefits related to factors such as: In recent years, the areas of application of various forms of PPP have been expanding, and the forms of partnerships themselves have been developing. So, if concession agreements were originally used as a standard in the construction of highways, parking lots, and provision of district heating, they have now become widespread in such areas as national defense, education, cable television, and some types of urban transport. In a number of countries, private businesses design, build and manage hospitals, schools and other public facilities. When implementing PPP projects, various mechanisms of cooperation between the state and private business are used. They are differentiated depending on the volume of ownership rights transferred to a private partner, investment obligations of the parties, principles of risk sharing between partners, responsibility for carrying out various types of work. The most common partnership arrangements are: The classifications of PPP accepted in the world practice usually distinguish the following forms of it. Contracts as an administrative agreement concluded between the state (local government) and a private firm for the implementation of certain socially necessary and useful activities. The most common in PPP practice are contracts for the performance of work, the provision of public services, management, the supply of products for public needs, and the provision of technical assistance. In administrative contractual relations, ownership rights are not transferred to the private partner, the costs and risks are fully borne by the state. The interest of the private partner lies in the fact that under the contract he receives the right to a negotiated share in the income, profits or fees collected. As a rule, contracts with a state or municipal authority are a very attractive business for a private entrepreneur, since, in addition to prestige, they guarantee him a stable market and income, as well as possible benefits and preferences. Lease in its traditional form (lease agreement) and in the form of leasing. The peculiarity of lease relations between government agencies and private business is that, under certain conditions under the contract, state or municipal property is transferred to the private partner for temporary use and for a certain fee. Traditional lease agreements assume the return of the subject of lease relations, and the authority to dispose of the property remains with the owner and is not transferred to the private partner. In specially stipulated cases, lease relations may end with the purchase of the leased property. In the case of a leasing agreement, the lessee always has the right to redeem state or municipal property. A concession (concession agreement) is a specific form of relations between the state and a private partner, which is becoming more widespread. Concessions are the most developed, complex and promising form of PPP. The peculiarity of the concession is that the state (municipal formation), within the framework of partnerships, while remaining the full owner of the property that is the subject of the concession agreement, authorizes the private partner to perform the functions specified in the agreement for a certain period of time and gives him, for this purpose, the appropriate powers necessary for ensuring the normal functioning of the concession facility. For the use of state or municipal property, the concessionaire pays a fee on the terms specified in the concession agreement. The right of ownership of the products produced under the concession is transferred to the concessionaire. A number of characteristic features of a concession should be highlighted: If in the case of contracts, in lease and work agreements, the state or municipality act as subjects of civil law and the norms of the Civil Code are quite sufficient for their effective operation, then within the framework of a concession, the state is primarily a public authority. In this capacity, it not only provides the partners under agreements with part of its powers as an owner, but also delegates to them part of its power functions (exclusive sovereign rights). This can be done only on the basis of the relevant state power act. Thus, the source of the exclusivity of the rights granted under the concession agreement is not the status of the state as the owner, but its prerogatives as a public authority. The exclusive (sovereign) nature of the rights granted by the state to the concessionaire (private partner) lies in the fact that within the territory or type of activity for which he receives the exclusive right, similar activities of any third parties, as well as the state itself, are not allowed. The public law features of concession agreements include fixing public interests in them, the spokesman and representative of which is the state. Under the concession agreement, the private partner of the state (the concessionaire) is obliged to comply with the requirements of public interests, ensure the uninterrupted provision of services, non-discrimination of users, general availability of services, and equality of tariffs for identical services. Circumstances that jeopardize or damage the public interest act as a legal basis for taking measures not specifically prescribed in the agreement. In order to protect the public interest, the concession agreement may provide for sovereign unilateral rights and advantages of the public authority over the concessionaire. Concessions are most prevalent in infrastructure industries that require private investment and highly skilled management. There are three types of concessions: Within the framework of these types, options for concession relations are possible, based on a combination of ownership rights between the state and private concessionaires, as well as the permissible limits of their specific entrepreneurial and investment activities (construction, operation, management). The beginning of the creation of a full-fledged concession legislation in Russian Federation was stipulated by the Federal Law of July 21, 2005 N 115-FZ "On Concession Agreements", the main purpose of which is to attract investment in the economy of the Russian Federation, to ensure effective use property in state or municipal ownership, on the terms of concession agreements and improving the quality of goods, works, services provided to consumers. The adoption of Law No. 115-FZ is intended to give a qualitatively new level to the development of relations between the state and private business in a number of key sectors of the Russian economy. Law N 115-FZ states that the conclusion of the relevant contracts can be carried out based on model agreements approved by the Government of the Russian Federation. Thus, it is assumed that, despite the differences and uniqueness of projects and contracts, the relevant concession agreement should contain the essential terms of the model concession agreement. The need to develop standard concession agreements is confirmed by the domestic concession experience of the NEP period and industrialization: in almost all sectors National economy standard concession agreements were developed in detail. It should be emphasized that the existence of model concession agreements is justified not only by the fact that this will greatly facilitate the work on the preparation, conclusion and implementation of future concession agreements. Of no small importance is the fact that, according to world practice in the field of PPP, agreements of this kind are the most complex of those concluded by the governments of countries in which projects are implemented on the basis of PPP (including those of a concession nature). The main reason for the difficulties in concluding concession agreements is the insufficient protection of the rights of the concessionaire. Thus, the risks that it bears, the high costs associated with the concession activity itself, are also aggravated by the need to pay a high concession fee to the state. At the same time, the law does not provide for a penalty for breach of obligations by the latter. Relevant amendments to the law are currently being prepared, which may stimulate the emergence of concessions in the country. Thus, the Government of the Russian Federation, the relevant ministries and departments still have a lot to do in order to develop a regulatory framework that will make it possible to introduce the PPP concession mechanism into the economy of the Russian Federation with the greatest effect. Concessions in the field of transport infrastructure may become especially relevant. The federal target program signed in May 2008 stipulates that most of the funds for the largest infrastructure program will be provided by private investors. Private investments in transport projects are supposed to be brought up to 4-5% of GDP, and the proportions of public and private financing will be brought closer to 35:65. At the same time, it should be taken into account that it is unlikely that all infrastructure projects in Russia will be developed in the form of concessions. The procedure for selecting projects and allocating funds for concession agreements from the Investment Fund of the Russian Federation has not been worked out either. It is more likely to conclude concessions focused on the modernization and operation of existing property complexes - airports, ports, railway stations, and individual terminals. The real emergence of private railways and even highways is problematic. The issue rests on the position of the state as the main party to the partnership. The problems of land acquisition have not yet been completely resolved. In addition, the state's expectations related to the amount of private funding for projects are clearly overestimated. World experience shows that in expensive infrastructure projects the share of investment participation of the state cannot be lower than 40 - 60%. The domestic concession experience of the NEP period and industrialization is very useful. In the 1920s, concessions were created in almost all sectors of the national economy of the USSR. The design and construction of almost all Soviet factories, the creation of new industries were largely ensured through concession agreements concluded with foreign firms. Over 80% of these concessions were concentrated in the mining of gold, silver, lead, manganese, oil, in the production of non-ferrous metals, in the exploitation of forest and fish resources, in mechanical engineering, in the electric power industry, etc. In the 1920s of the last century, foreign concessions in the field of urban infrastructure and public utilities in large cities (for example, in Moscow) were very common and developed. The practice of concessions in the USSR during this period indicates that one of the essential conditions of concession agreements concluded by the Soviet government with foreign private investors (legal entities and individuals) was a preferential tax regime. It found its manifestation in the so-called paushalization (from the German word "paushal" - taken together) of taxes, when, for example, instead of 26 different taxes, one was levied. Production Sharing Agreements. This form of partnership between the state and private business resembles a traditional concession, but is still different from it. The differences lie primarily in the different configuration of property relations between the state and the private partner. If in concessions, as already mentioned, the concessionaire owns all the products produced, then in production sharing agreements, the partner of the state owns only a part of it. The conditions and procedure for the division of production between the state and the investor are determined in a special agreement. In world practice, such agreements are especially actively used in the field of oil production. As in the case of a concession, the state grants its exclusive rights to subsoil use to a private investor on a reimbursable basis and for a certain period. Private partners (including foreign ones) have access to exclusive rights to attract investment in capital-intensive areas. There are various models of production sharing, for example, in two parts at once or after deducting the costs of the investor. It is also important to take into account the features of taxation. Joint ventures are one of the most common forms of partnership between the state and private business. So, depending on the structure and nature of the joint capital, they can be either joint-stock companies or joint ventures with equity participation of the parties. State bodies and private investors can act as shareholders in a JSC. The ability of a private partner to make independent administrative and economic decisions is determined by the share in the share capital. The risks of the parties are also distributed depending on its size. An essential feature of joint ventures of any type is the constant participation of the state in the current production, administrative, economic and investment activities. The independence of the private partner in decision-making is more limited here than, for example, in concessions. It is important that a change in the share capital structure in favor of one of the parties to the joint venture involves only a redistribution of shares among investors, but does not lead to an increase in the total amount of capital (and, accordingly, fixed assets and the number of jobs). In case of nationalization of a joint-stock company with the participation of the state, the repurchase of shares is carried out at the current rate and does not directly depend on the amount of capital originally invested by a private investor. According to world practice, when nationalizing a concession enterprise, the state is obliged to reimburse the cost of the invested capital to the concessionaire, as well as pay compensation for lost profits. It is important to identify the most priority sectors for the application of PPP for each country and region. Attracting investments in all sectors of the economy at once in full is almost impossible, besides, there are those sectors that need to be invested in the first place. In addition, the sectors in countries with different levels of economic development, in which, according to the government of the country, it is necessary to invest through the involvement of the private sector, differ significantly. The relevance of PPP is also determined by the fact that at present in Russia concession agreements are used mainly in housing and communal services, in the construction of roads, railways and ports. However, PPP can be effectively used in other industries as well. At the stage of formation of the concession legislation, the development of new methods of relations between the state and business in Russia, an important point is the identification of all priority sectors for the development of partnerships. To create a detailed industry picture that reflects the possibility of using PPP in the economy of the Russian Federation, it is necessary to analyze the foreign experience of PPP. An analysis of such experience in the use of PPP in countries with different levels of socio-economic development, implemented using the concession form of PPP, showed that such partnerships are successfully used in transport (roads, railways, airports, ports, pipeline transport) and social infrastructure (health, education, entertainment, tourism), housing and communal services (water supply, electricity supply, water treatment, gas supply, etc.), in other areas (prisons, defense, military facilities). At the same time, transport infrastructure is leading, followed by social infrastructure by a small margin. If we analyze the use of PPP by country, then depending on the level of socio-economic development of the country, the picture will change. Thus, compared with the overall picture in the G7 countries (USA, UK, Germany, Italy, Canada, France, Japan), transport infrastructure projects are far from being in first place. In the G7 countries, health care is in 1st place (184 out of 615 projects), education is in 2nd place (138 projects), and roads are in 3rd place (92 projects). An analysis of foreign experience in the use of PPPs showed that each of the G7 countries has its own top-priority industry for the use of PPPs. Thus, in the USA, such an industry is roads (32 out of 36 projects), in the UK - healthcare (123 out of 352 projects) and education (113 out of 352 projects), in Germany - education (24 out of 56 projects), in Italy, Canada and France - healthcare. Thus, the following conclusion can be drawn: in those countries that are characterized by the presence of a market economy, a high level of labor productivity and the level of consumption of GDP per capita, where the state guarantees a high level of social protection, where the average life expectancy is high and there is a high quality medical care and education, PPP is used more often in the health and education sectors, which is dictated by government policy. In other developed countries (Austria, Belgium, Denmark, Australia, Israel, Ireland, Finland, Spain, Portugal, Greece, South Korea, Singapore), the industry associated with the construction and reconstruction of roads is in 1st place in terms of the number of PPPs used (93 project), and is already followed by a very significant gap in healthcare (29 projects), education (23 projects) and accommodation (22 projects). Thus, there is a correlation between the level of development of the country and the industry that is chosen to attract investment in it with the help of PPP. Due to the high level of socio-economic development of the G7 countries and other developed countries, the priority of healthcare and education sectors is also determined by the policies of these states and their socio-economic development. On the contrary, in developing countries and countries with economies in transition, these sectors (with the exception of roads) will not be a priority. Given the lower level of economic development in these countries, transport infrastructure, namely the construction and reconstruction of roads, ports, railways, etc. Thus, in countries with economies in transition (37 out of 915 projects) - countries of Central and Eastern Europe (Bulgaria, Czech Republic, Hungary, Croatia, Poland, Romania); Baltic countries (Latvia); the CIS countries (Ukraine), the sectors "Health" and "Education" are already far from the 1st place in the use of PPP - roads, the construction of bridges and tunnels, light ground metro, airports are in the lead. In countries with economies in transition, they are given first priority, and funds are invested in them. In developing countries (22 out of 915 projects) - India, Brazil, Chile, Hong Kong, Mexico, Saudi Arabia, United United Arab Emirates, as in the previous group of countries, roads are in 1st place in terms of the number of PPPs, airports, prisons and water treatment facilities are in 2nd place. This distribution primarily reflects the interest of countries in the development of these industries (individual for each type of country), since PPP allows you to attract private sector investment, reduce public sector costs, and distribute risks between partners. In a number of Eastern European countries in the late 1990s and early 2000s, in connection with preparations for accession to the EU, PPP methods began to be actively used in the transport infrastructure sectors and in the urban economy. Projects to attract private investment in the expansion of the highway network, the modernization of ports and airports are being implemented on the basis of structural assistance from the EU. Moreover, the specific experience turned out to be ambiguous: along with successful ones, there were also cases of problematic, not always successful solutions. Example effective PPP project - expansion and modernization of the international airport in Warsaw. More than 85% of passengers on international flights used the Warsaw airport, which required almost doubling the airport's passenger and cargo turnover in a relatively short period of time. Without attracting private capital and know-how, it would be impossible to implement such a project. According to the results of an open European competition, the German company Hochtif AG acted as a private partner of the project, having developed a special PPP financing model for airports in Central and Eastern Europe. A consortium was formed (general contractor - "Hochtif Airport GmbH"), which, as partners, included small and medium-sized enterprises from Poland and Germany. Private funding was provided by a consortium of banks led by AO Citibank. The recipient of the loans and the state partner of the project was the Polish Airports PPL agency. The cost of the project amounted to 153.4 million euros, up to 80% of its financing (according to the cash-flow model) came from the private side. The state-owned Polish airline LOT was included in a private loan guarantee agreement and an agreement on the use of the airport. The successful completion of the work contributed to the fact that in the future the general contractor took part in the reconstruction projects on the principles of PPP of the airports in the cities of Dusseldorf, Hamburg and Sydney. Often there are examples of inefficient PPP projects due to miscalculations on the part of the state. For example, a problematic infrastructure project was implemented in the Czech Republic. Attracting private investment in this country is carried out according to the British model of private financial initiative (PFI). The Czech experience illustrates the potential risks and challenges faced by an inexperienced and ill-prepared public partner. For the construction of a segment of the strategically important highway D47 with a length of 80 km, a foreign private developer proposed a project that at first glance was attractive and received a contract with virtually no competition. The team of the public partner, not having sufficient PPP experience, was unable to adequately assess the intentions of the private contractor, who, as practice showed, was not very eager to implement the project. The financing structure he proposed ultimately boiled down to shifting all the risks to the state. As a result, the Czech government was forced to terminate the project and pay a significant penalty. The project for the reconstruction of Germany's largest airport in Frankfurt am Main was recognized as a successful model for effectively combining the interests of public and private partners. The project assumed a preliminary stage of privatization - the issue of shares, 29% of which were sold on the stock exchange (analogous to the "people's IPO"). The rest of the shares were held by the state of Hesse (32.1%), the city of Frankfurt (20.5%) and the state (18.4%). Fraport JSC, formed in this way, deliberately retained control of public investors. At the same time, the JSC is a private shareholder of other German airports, i.e. the private side of partnerships in them is represented by a structure with predominantly state participation. At present, budget financing of the development of transport infrastructure is carried out in two ways: first, directly - for large projects (for the reconstruction of autobahns and airports); secondly, indirectly - through the state infrastructure development fund. Currently, the Government of the Russian Federation considers as priority areas for PPP: At the same time, in Russia, the risks of miscalculations by both public and private partners in PPP projects are obviously very high. There has already been a trend towards a strong rise in the cost of projects in comparison with their initial cost. The rate of appreciation can reach 20% per year, and the reasons are not only in simple mistakes and miscalculations of the authors, but also in quite objective circumstances - the constant rise in prices for raw materials, materials, services. World experience shows that the only way out of this situation is to attract private capital, which means creating more attractive conditions for it compared to ordinary commercial activities. Nevertheless, in Russia there is a large-scale potential for the development of many forms of PPP, but for its practical implementation it is necessary to solve a number of fundamental issues. First, both sides of the partnership should clearly understand that an effective PPP cannot be viewed only as attracting additional resources to capital-intensive projects of authorities at all levels. It is necessary to take into account the real interests of both parties. Specific partnership mechanisms developed by world experience create the basis for a mutually beneficial responsible distribution of the powers of the parties, which does not infringe on the interests of each of them. However, the possible benefits are not realized by themselves, after the adoption of the relevant regulatory package. It is necessary to understand the peculiarities of the Russian model of interaction between the state and business. An effective partnership is real only if the strategy for the further development of the country is completely clear and predictable. Without this, without confidence in the stability of the "rules of the game," nothing can be expected from business except ostentatious interest and formal participation in large-scale government projects for the purpose of self-preservation. In this case, the factor of effective entrepreneurship may be lost. Secondly, significant progress is needed in the understanding and practical implementation of the public law functions of the state. Bye Russian legislation does not single out specifically public law functions and does not establish a connection between them and public property. The construction of law is such that public law functions are implemented either administratively or through civil law functions. It is impossible to organize on this basis the distribution of powers between the parties to the partnership. Countries with developed market economies have accumulated extensive experience in successfully searching for answers to the "paradoxes of public goods", which, taking into account domestic specifics, can also be used in Russia. Providing state support in the implementation of investment projects of national importance and carried out on a PPP basis is the goal of creating the Investment Fund of the Russian Federation. In accordance with the Regulations on the Investment Fund of the Russian Federation, the following forms of providing state support in the framework of the implementation of PPP projects are possible: When implementing state support for the private sector in a PPP environment, one should take into account the problem of determining the optimal share of investor participation in profits and in the total investment, regardless of the industry of the project. It needs to be established that: each participant in the project independently sets goals for himself and determines the interests in accordance with which he evaluates the profitability of the project (as a rule, this is the profit that the participant expects to receive from investing); the project developer should, if possible, understand the goals and interests of the participant and justify the benefits of his participation in the project by those indicators that reflect these goals and interests better. In this case, the investor's share in capital costs can range from 0 to 100%. The formation of incentives for investment activity should be based on the creation of opportunities to achieve maximum profitability. Investors need not temporary incentives, but long-term guarantees of return on invested capital. If this is not the case, then the growth of entrepreneurial risk leads to a reduction in the investment proposal and the "flight" of capital from the country. In turn, in exchange for the provided legal guarantees of stability, the state can insist on new forms of control, on transparency of reporting. In order to attract investors in investment projects implemented under the PPP scheme, the state may apply measures to stimulate the investor (subsidies, subventions, direct reimbursement of investment costs, etc.) to ensure the required return to the investor. At the same time, it is important to take into account that the state, when concluding an agreement with an investor, is guided not only by purely entrepreneurial, "business" motives, but also by public interests, socially necessary goals, public utility, which often require deviation from market, private law criteria of state behavior. Thus, a new mechanism for attracting investments has been launched in Russia and a dialogue between the state and business has begun. The state is ready to provide financial assistance to PPPs, as well as to take on some of the risks. There remains a need to ensure that the choice of options for financing and implementation of projects by the public sector is carried out at a highly professional level, since Russian PPPs will have to compete with PPPs already operating in the global market. The monograph presents an analysis of the practice of public-private partnerships in the regions of Russia, and considers the theoretical and methodological foundations for regulating public-private partnerships. The paper analyzes the practice of developing public-private partnerships in the regions of Russia. Foreign experience in the development of public-private partnerships and the possibility of its use in the process of modernizing the Russian economy are studied in detail, a characteristic of the legislative regulation of public-private partnerships in the process of modernizing the Russian economy is given, and opportunities for improving the regulation of PPP in the process of modernizing the economy of the region are identified. The monograph may be of interest to managers, representatives of authorities, the private sector, students, graduate students and teachers of higher educational institutions economic profile when studying the courses "The system of state and municipal government”, “Regional management”, “Regional management”, “Interaction between government structures and business”, as well as for students of advanced training courses. The following excerpt from the book Public-private partnership: regional development experience (Yu. V. Ragulina, 2014) provided by our book partner - the company LitRes. Analysis of the practice of developing public-private partnerships in the regions of Russia 2.1. Characteristics of the legislative regulation of public-private partnership in the process of modernization of the Russian economy The modernization of the economy is designated by the highest authorities of Russia as a strategic goal. World experience shows that without a public-private partnership, the development and effective functioning of a modern national innovation system that ensures comprehensive modernization in all sectors of the national economy is impossible. The existing mechanism of public-private partnership in the implementation, as a rule, of targeted sectoral programs does not ensure the systematic implementation of innovative processes in all areas and is characterized only by local changes in individual sectors in a small part of the territories. As a result, budgetary funds allocated for the implementation of innovative projects, technical and technological modernization, and personnel training do not produce the expected results. Unlike modernization as disparate processes (the introduction of new products, or new technology and technology, or new forms of organization of production and labor), it is necessary to consider the modernization of each industry as a system, the elements of which are innovations, investments, institutions, and infrastructure. Public-private partnership can be considered as one of the institutions whose role is to ensure the sustainable development of national production and local territories. In the context of the transition to an innovative path of development, the creative and regulatory role of the state, designed to ensure the technological progress of society, is increasing. In fact, the state becomes a special institution responsible for developing a national development strategy, creating appropriate mechanisms for its implementation, and forming effective development institutions at all levels of the economy. The state can and should stimulate the creation and implementation of technical innovations that accelerate the innovation process, accumulate large-scale resources required for the implementation of large innovation projects. Despite the fact that Russia has already been officially declared a country with a market economy, it still remains at a transitional stage, and many fragments of market mechanisms in the country are not yet actually functioning. Thus, the share of the public sector is high, there are no large private knowledge-intensive companies, small and medium-sized innovative businesses and the stock market are not developed, such a widely used in the world practice mechanism for investing in the innovation sector as venture financing is in its infancy. All this makes it extremely difficult to form effective national innovation systems and adequate financial mechanisms. This is also one of the most important reasons explaining the important role of state support for the modernization of the Russian economy. Legislative regulation of PPP is carried out within the framework of the Federal Law on Concession Agreements. Federal Law No. 115-FZ dated July 21, 2005 “On Concession Agreements” sets the main goal of attracting investments into the economy of the Russian Federation, ensuring the efficient use of state or municipal property on the terms of concession agreements and improving the quality of goods, works, services, provided to consumers. The concession favorably differs from other forms of public-private partnership (contracts, lease agreements, leasing, production sharing agreements, joint ventures) due to the fact that within its framework, firstly, it is possible to ensure the consolidation of public and private sector resources, taking into account their interests, to achieve the priority goals of economic development; secondly, the object of the concession is owned and controlled by the state; thirdly, economic risks are diversified between the public and private sectors. Obviously, an important aspect of modern concession agreements as a type of public-private partnership is state support. The state controls a large number of parameters that affect the success of the concession project, so potential concessionaires make a decision to participate in the project only if they are sure that there is government support during its implementation. Being a type of PPP, concession relations contribute to the normalization and optimization of the functions of disposal, ownership and use of public property in infrastructure sectors. Public-private partnership, which is the content of PPP, is an economic, organizational and institutional interaction between the state and business, the main goal of which is to mobilize financial resources for the implementation of socially significant investment projects in various sectors of the economy. The implementation of PPP contributes to the formation of prerequisites for mutually beneficial cooperation between the state and business, but at the same time creates additional risks in the process of implementing joint projects. Concession relations are a system of relations between the concessor (state federal, regional or municipal authorities) and the concessionaire (foreign or domestic legal or natural person) regarding the commercial use of state-owned objects through a concession or transferring them to long-term possession and use in order to increase social - economic efficiency of their functioning. Characteristics of concession relations are presented in Table. 1. The economic essence of the concession is manifested when mutual obligations of the parties to the concession agreement arise, the fulfillment of which creates new opportunities for capital investments in public property. These additional opportunities are a direct result of the cooperative and cumulative effects of public-private partnership, a consequence of the realization of the interests of the subjects of concession relations. Therefore, coordination and observance of the interests of all parties to the concession agreement is of particular importance: the state, which represents the interests of society and ensures the implementation of the functions delegated to it to provide public goods, and business structures. Table 1.Main characteristics of concession relations A concession can also be viewed as a form of attracting entrepreneurial capital to the infrastructure sectors, in which the grantor (state or municipal authority) cedes to the concessionaire (private investor) the possession and use of the concession object under certain conditions and a period of time in exchange for concession payments. From the point of view of the investment process, the operation of a concession enterprise, as a rule, implies a net increase in productive capital aimed at expanding funds through new construction or modernization of existing production. State support for concession projects can be carried out in a variety of forms, but all their diversity can be reduced to two main ones: direct state participation in the financing of concession projects and indirect state participation through risk reduction for concessionaires. For example, the most serious risk for the concessionaire and the bank that finances it is a possible drop in revenue from the operation of the infrastructure facility. The most reliable protection against this risk is a state guarantee in the form of ensuring a certain minimum income (receipts) from the object. The state provides insufficient support to concessionaires and does not pay due attention to promoting the practice of concessions in the country. Currently, there are a number of negative factors and barriers to the development of concessions in Russia, namely: – lack of necessary state support for projects (problems of financing, assistance to concessionaires, provision of guarantees, etc.); – there are not enough incentives to attract investment capital to utility companies (high risks); – there are no developed capital markets in Russia, which makes it difficult to use local project financing; – lack of experience and qualifications in predicting the loading of concession facilities; – imperfection of the concession legislation and other normative acts; – Lack of a sufficient number of qualified specialists in the municipalities to develop projects and project proposals; – high initial costs for the preparation of projects and concession agreements. Therefore, the number of applicants for participation in tenders is sharply reduced. As a result, the required level of competition is not ensured; – there are no full standards and standard forms of agreements, procedures and methods; – imperfection of the tax legislation in relation to concessions; – high corruption barriers that impede not only the development of concession activities, but also the development of the Russian economy as a whole. In recent years, the state has taken a number of steps and created certain prerequisites for expanding the practice of concession agreements in the economy. First of all, the feedback between business and government has increased through public-private consultations within the framework of the Council for Competitiveness and Entrepreneurship under the Government of the Russian Federation and a number of business organizations. In 2005, Federal Law No. 115-FZ of July 21, 2005 “On Concession Agreements” was adopted. Institutes of special economic zones (SEZ), industrial and technological parks have been created. The regulation “On the Investment Fund” was adopted, which later, in 2008, was replaced by the Decree of the Government of the Russian Federation of March 1, 2008 No. 134 “On Approval of the Rules for the Formation and Use of Budgetary Appropriations of the Investment Fund of the Russian Federation”. In 2007, Federal Law No. 261-FZ of November 8, 2007 (as amended on July 23, 2008) “On Seaports in the Russian Federation and on Amendments to Certain Legislative Acts of the Russian Federation” was adopted. The Federal Law "On Concession Agreements" was finalized, as well as amendments and additions to which came into force on 23.08.2009. Decree of the Government of the Russian Federation No. 495 dated June 15, 2009 “On Establishing Requirements for a Concessionaire in Respect of Banks Providing Irrevocable Bank Guarantees, Banks in Which a Concessionaire’s Bank Deposit (Deposit) Can Be Opened, Rights in Which Can Be Transferred by the Concessionaire to the Concessionaire as a pledge, and in relation to insurance companies with which the concessionaire may enter into an insurance contract for the risk of liability for breach of obligations under the concession agreement.” Federal Law No. 145-FZ dated July 17, 2009 “On the Russian Highways State Company and on Amendments to Certain Legislative Acts of the Russian Federation” was adopted. A number of normative acts have been adopted, approving model agreements (health care, communal infrastructure systems, etc.). However, in our opinion, this is not enough for the development of the concession practice. Despite the importance of the above measures, it can be stated that the process of creating and using PPP mechanisms in Russia, as well as the dialogue between the state and business on this issue, has just begun and it is necessary to significantly accelerate movement in this direction. Today, the main task of the government and business is to develop specific procedures for using these tools and testing them in pilot projects that would show all the pros and cons of each of the above tools. For the formation, effective functioning and development of the public-private partnership system, and in particular the institution of concession, in the Russian Federation it is necessary to consider a number of proposals for improving the forms and methods of regulating the development of concessions at the state level. The state should create a well-thought-out, scientifically based long-term strategy for the development of public-private partnership, which, among other things, will include the stages of launching concession activities. To manage the processes of concession activities, as well as to resolve a number of emerging organizational issues, it is necessary to create an interdepartmental commission or other specialized body (agency or department) for issuing concession agreements, whose activities can be regulated either by the Federal Law "On Concession Agreements" or by a separate Decree of the President of the Russian Federation. The personal composition of the commission can be determined by analogy with the experience of foreign countries by decree of the President of the Russian Federation. In addition to the political tasks of promoting the concession mechanism in economic practice, the commission faces a set of specific practical tasks for organizing and holding tenders for granting concessions, as well as monitoring the implementation of these projects. It is important to develop and create a mechanism for determining the responsibility of the state for causing losses to the concessionaire by its actions (inaction) and vice versa. It is necessary to train professional personnel who will be able to solve the problems of development and operational support of concession activities in the country (for example, organize training in this area on the basis of higher public schools of management, etc.). We are talking about personnel for the commission or other specialized body, which was mentioned earlier. Sectoral normative legal acts should be finalized, reflecting the specifics of the implementation of PPP in certain industries. At the moment, they do not meet the requirements for the legal support of concession activities, which, as a result, negatively affects the development of concessions in Russia. It is necessary to develop and create mechanisms for assessing, approving and monitoring the implementation of agreements defining PPPs, as well as developing and adopting relevant by-laws that could bring certainty and clarity to the aspect of concession taxation. For example, one of the essential conditions of concession agreements concluded by the Soviet government with foreign private investors (legal entities and individuals) was a preferential tax regime. It would find its manifestation in the so-called paushalization (from the German word "paushal" - taken together) of taxes, when, for example, instead of 26 different taxes, one was levied. The current tax legislation does not provide any incentives for the participation of the private sector in PPPs in general and in concessions in particular. In order to attract investments in order to modernize the Russian economy, it is necessary to expand the legislative field of PPP - only one concession, which offers one model of interaction between the state and a private investor - BTO (a private partner builds an object, then transfers the object to the ownership of a public partner and operates the object, receiving this operating income) is not enough. Under the WTO, ownership of an object is transferred to the concessor when it is put into operation, which significantly limits the ability of a private partner to attract debt financing. The task of modernizing the economy of the Russian Federation, implemented at the regional level, is embodied through draft laws on PPP, which spell out the interaction of government and business within the framework of other forms of partnership. At the same time, there are also negative examples when the main goal of the concession - attracting investments - does not work, the concession is simply used to avoid the law on public procurement and the facility is put into operation with almost zero investment obligations, squeezing out the maximum income from operation. First of all, today, unfortunately (and this is recognized in the official reports of such departments as the Accounts Chamber of the Russian Federation), the laws themselves lack the definition of PPP. As already stated, federal legislation regulates only one of the forms of PPP - concession agreements. In the current conditions, it is expedient to adopt laws at the federal level that allow investors to participate in PPP projects and in other forms. It is also required to make significant changes to federal legal acts that directly or directly regulate relations and disputes that arise already during the implementation of PPP projects. Thus, in particular, the Tax Code of the Russian Federation establishes the obligation of the concessionaire to pay tax on property transferred to the concessionaire and/or created by him in accordance with the agreement. It is obvious that such taxation of property, firstly, creates a significant tax burden for investors. Secondly, it actually means the payment in favor of the state of a tax on the value of property belonging to it. As a result, this will lead to an increase in the cost of services provided to end users. In this case, it is required to exclude concessionaires from the list of entities paying property tax in respect of property transferred to the concessionaire, as well as in respect of property created in accordance with the concession agreement. In addition, the issue of deducting VAT paid by the concessionaire to suppliers, which arose during the construction and operation of the object of the concession agreement, has not been resolved. Also, VAT arising during the construction of the road is refundable within 3 years from the date of invoice, otherwise it may be lost. If the transfer of the road from the concessionaire to the state does not lead to the obligation to calculate VAT, then it is problematic to recover the input VAT. The solution is seen as an increase in the period during which the concessionaire has the right to deduct and establish a special procedure for offsetting VAT in the implementation of concession projects. There are no provisions in the Budget Code of the Russian Federation regulating legal relations between subjects of budget legal relations, legal entities or individuals, other public legal entities and subjects of international law arising from the implementation of long-term investment and other projects, which does not allow using the PPP mechanism on an appropriate scale. The current version of Art. 72 of the Budget Code of the Russian Federation creates ambiguity as to whether state (municipal) customers have the right to conclude contracts, the duration of the production cycle of which does not exceed the corresponding financial year or planning period, however, the timing of the fulfillment of expenditure obligations to pay for the work of the contractor exceeds the validity period of the approved limits of budget obligations. For an unambiguous interpretation of the norms governing the conclusion of such contracts, as well as for the possibility of concluding long-term contracts for facilities whose creation dates fit within the budget planning timeframe, it is necessary to amend the Budget Code in terms of extending the specified procedure to state (municipal) contracts and concession agreements , the deadline for fulfillment of expenditure obligations for which exceeds the validity period of the approved limits of budget obligations. The next question concerns the practice of budget planning. When concluding an agreement on concession schemes, the regional authority, as a rule, undertakes to make payments under such a contract for a long period, which almost always exceeds the planned 3-year budget period. At the same time, the total amount of capital investments is not reflected in the budget, since the initial investment is made by the investor, while the obligations of the state will be reflected gradually in the budgets of future periods. We believe it is necessary to introduce into the practice of budget planning a region or a municipality an assessment of the costs of PPP projects and the establishment of ceilings for these costs for periods of 3 or more years. At the same time, it is necessary to develop a methodology for planning long-term costs and volumes of guarantees for PPP projects, as well as provide for indicators of obligations for PPP projects and indicators for replacing budget allocations with private investments when financing PPP projects in budget forecasting. Fixing long-term obligations of the budget to private investors in PPP agreements, along with the obligations of private investors and operators to the state, will create an atmosphere of confidence in the feasibility and success of the project as a whole. The practice in relation to PPP projects shows that federal legislation is not adapted to projects at the regional and municipal levels, which can form a massive project market for infrastructure development. At the same time, taking into account the priority of investments in regional and municipal projects, it is necessary to modernize the legal framework also at the regional level. It should be noted that since the beginning of 2012, a number of important decisions have been made at the federal level regarding the development of PPPs. Thus, in April 2012, at a meeting on the development of the Moscow agglomeration, Dmitry Medvedev instructed the Ministry of Economic Development, the Ministry of Finance and the Ministry of Transport to accelerate the development of a draft federal law on the specifics of investing using infrastructure bonds. In addition, the above departments, together with the governments of Moscow and the Moscow Region, were instructed by the head of state to submit proposals for the issuance of government bonds in order to ensure the implementation of infrastructure projects in both regions in the PPP format. The reliability of projects secured by bonds is guaranteed by the strict framework of the Law on Concession Agreements, as well as guarantees to minimize the risks of these projects, the prohibition to spend funds raised through the issuance of project bonds for purposes other than financing a PPP project, including providing bank guarantees using liability insurance mechanisms. In this case, it is important to provide state guarantees for the fulfillment of obligations certified by project bonds under PPP, as this is an important criterion for assessing the credit rating of future bonds. In turn, Vladimir Putin, speaking in the State Duma with a report on the activities of the Government of the Russian Federation, noted the importance of public-private partnership in the development of the social sphere. Draft federal law No. 47538–6 “On Amending Parts One, Two, Three and Four of the Civil Code of the Russian Federation, as well as Certain Legislative Acts of the Russian Federation” (adopted on April 3, 2012) introduces a number of significant amendments to the processes of legislative regulation of PPP ( Table 2). Table 2.Changes in the Civil Code of the Russian Federation in terms of regulation of various aspects of PPP In mid-June 2012, the Ministry of Economic Development of Russia presented on its website “On Public-Private Partnership”, which is designed to create a unified regulatory and legal framework at the federal level for the implementation of public-private partnership projects and significantly reduce the current restrictions on the creation and development of such projects. Note that the developers of the draft law insist on introducing such changes to the legislation that will remove PPP agreements from the scope of Law No. 94-FZ and the Law on Concession Agreements (in this case, the concession agreement will be considered as a type of PPP agreement). The draft federal law "On Public-Private Partnership" was prepared in pursuance of the orders of the Government of the Russian Federation dated December 23, 2011 No. VZ-P13-9668 and dated April 28, 2012 No. ISh-P13-2467, in accordance with which it is necessary to submit a draft to the Government of the Russian Federation federal law aimed, among other things, at removing existing restrictions and expanding the possible forms of project implementation on the principles of public-private partnership. Article 2 of the draft law proposes to define PPP as “long-term mutually beneficial cooperation between public and private partners aimed at the implementation of public-private partnership projects in order to achieve the objectives of the socio-economic development of public legal entities, increase the level of accessibility and quality of public services, achieved through risk sharing and attraction of private resources”. It is emphasized that within the framework of PPP projects “the public partner gets the opportunity to more and better fulfill the obligations assigned to him by the current legislation” (it seems that this wording, due to its lack of certainty and evaluative nature, is vulnerable to criticism from legal and technical positions). Some terms used in the draft law are not reflected in Art. 2, although they are disclosed in other articles of the draft law (for example, “direct agreement” in part 3 of article 10). The positive side of the draft law should be recognized as the formulation of PPP principles, for example, the principle of fair distribution of risks and obligations between the parties to the public-private partnership agreement and cost compensation (although some principles are paraphrased principles of civil law, for example, conscientious performance by the parties of obligations under the PPP agreement, freedom conclusion of PPP agreements). The draft law leaves significant opportunities for determining the forms of participation in PPP projects (Article 5), which is probably justified due to the wide variety of such projects. The list of objects in respect of which the conclusion of PPP agreements is allowed is quite wide (and moreover, it is open); at the same time, it even names defense and security facilities, facilities used to protect law and order (Article 6). The Russian Federation, constituent entities of the Federation and municipalities (in any number and any combination), state companies and state corporations, state and municipal enterprises and institutions, business entities, more than 50% of the shares in which in total belong to public legal entities can act on the side of the public partner . On the side of the private partner are legal entities, regardless of their organizational and legal form (Russian and foreign; moreover, their associations operating without forming a legal entity) and individual entrepreneurs (Articles 2, 7). At the same time, we are talking about a competitive procedure provided for by the draft Law on PPP, the effect of Law No. 94-FZ is excluded in relation to public-private partnership projects. Corresponding amendments to Law No. 94-FZ will be prepared within three months from the date of adoption by the State Duma in the first reading of the bill under consideration. End of introductory segment. Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you. Posted on http://www.allbest.ru/ Posted on http://www.allbest.ru/ public private partnership In the modern world, an essential condition for the normal functioning of the economy is the constructive interaction between business and state structures. The nature of this interaction, methods and specific forms can vary significantly depending on the maturity and national characteristics of market relations. Therefore, the term "public-private partnership" (PPP) can be considered in the broad and narrow sense of the word. In a broad sense, PPP is any interaction between the state and business in achieving common goals of socio-economic development. We can talk about the joint development of strategic documents, regulatory legal acts, joint work to improve the business climate and improve the country's investment image. In a narrow sense, PPP is the joint financing of large-scale projects or other financial participation of the state in business projects, as well as attracting private investment in the implementation of social programs and investment projects of strategic importance. With the preservation of the most important national objects in state ownership, there is a transfer of part of the powers of the state to the private sector. These are, first of all, such functions as construction, operation, maintenance and management in the field of industrial and social infrastructure. As a result, private investments and entrepreneurial initiative are being introduced into the traditionally state sector of the economy, creating conditions and prerequisites for the effective functioning of infrastructure facilities, their optimal management, as well as the rational use of resources. The purpose of the course work: to explore the objective need and mechanisms of public-private partnerships abroad and in the national economy. This paper defines the essence of public-private partnership (PPP) as a tool for solving socio-economic problems, considers its forms, mechanism of functioning and types of organization. The conditions for implementing the strategy of partnership relations between the state and the private sector are formulated, the experience of using this tool in foreign countries is considered. As well as identifying problems in this area and assessing the country's capabilities in solving them. The theoretical and methodological basis of the study was the works of domestic and foreign scientists on the development of PPP in the Republic of Belarus and abroad, as well as regulatory legal documents of the Republic of Belarus. The logic and structure of the study is determined by the goals and objectives set. Course work consists of an introduction, three chapters, a conclusion, a list of references and appendices. The concept of "public-private partnership" (PPP), according to experts, is a formalized interaction between the state and business on the basis of mutual benefit, equality, voluntariness, having a pronounced socially significant orientation with a clear distribution of risks, resources and costs in predetermined proportions. PPP, by its economic nature, is the result of the development of traditional mechanisms for influencing economic relationships between government and the private sector in order to develop, plan, finance, build and operate infrastructure facilities. Therefore, the partnership between the state and the private sector should be characterized as a long-term interaction in order to attract additional sources of financing. Of course, there are sectors in which business can operate without state participation. However, one should not forget about such areas of state responsibility as social security and infrastructure. From a market position, they are unattractive and may go bankrupt if their assets are transferred to private structures, moreover, the state has the right to transfer only part of the property. Therefore, in practice, the so-called “semi-privatization”, with which PPP is often identified, quite logically arises. All this gives reason to consider PPP as an intermediate form between state and private ownership, as well as a kind of managerial alternative to privatization. The basic features of PPP are as follows. First, the parties to this kind of relationship are the public and private sectors. Secondly, the interaction of the parties within the framework of PPP is fixed on an official, legal basis. Thirdly, in the process of implementing projects based on PPP, the process of combining the assets of the parties takes place. Fourthly, risks and costs, as well as the results achieved within the framework of interaction between the state and business, are distributed between the parties in proportions according to mutual agreements, fixed in the relevant agreements, contracts. When implementing state support for the private sector in the context of PPP, one should take into account the problem of determining the optimal share of the investor's participation in profits and in the total volume of investments, regardless of the industry of the project. It should be noted that each project participant independently sets goals for himself and determines the interests in accordance with which he evaluates the profitability of the project (return on investment). The formation of incentives for investment activity should be based on the creation of opportunities to achieve maximum profitability. Investors need not temporary incentives, but long-term guarantees of return on invested capital. If this is not the case, then the growth of entrepreneurial risk leads to a reduction in the investment proposal and the “flight” of capital from the country. In turn, in exchange for the provided legal guarantees of stability, the state can insist on new forms of control and transparency of reporting. In order to attract investors in investment projects implemented under the PPP scheme, the state may apply investor incentive measures (subsidies, subventions, direct reimbursement of investment costs) to ensure the required rate of return. At the same time, it is important to take into account that the state, when concluding an agreement with an investor, is guided not only by business issues, but also by public interests, socially necessary goals, which often require deviation from market, private law criteria for the behavior of the state. As M. Porter notes, “a country's competitiveness depends on how capable its industry is of renewal and modernization. Companies gain an edge over the world's strongest competitors through their energy and enterprise. It is beneficial for them to have strong rivals in the domestic market, “aggressive” domestic suppliers and demanding domestic consumers”, while “the state cannot create competitive sectors of the economy; only firms can do this” M. Porter. Competitive advantages of countries // International Economics. - 2006. - No. 6. - p.308. . Partnership projects are not a simple addition of resources, but a very specific configuration of partners' interests and respective powers. At the same time, the role of the state is twofold. On the one hand, as one of the parties to the partnership, it acts as a carrier of the interests of society and performs a control function, and on the other, as a participant in economic turnover, which is interested in the effectiveness of the overall results of the partnership and its own commercial effect. The state seeks, within the framework of the implementation of projects and direct cooperation with business, to achieve high efficiency of such partnership by reducing costs, using alternative sources of financing, and innovative approaches to creating and managing market infrastructure. Business within the partnership gets the opportunity to own and use state assets on a long-term basis, which ensures stable profit and return on investment. A private partner, like any entrepreneur, pursues the goal of obtaining maximum profit, therefore, in the field of commercial interests between partners, it is appropriate to share emerging risks and resolve the issue of the nature of delegated powers and the conditions for their use. Only if these principles are observed, it is possible to create a real partnership between the state and business. When implementing PPP projects, various mechanisms of cooperation between state structures and business are used, which are differentiated depending on the obligations of the parties to invest in the project, the principles of sharing responsibility and risks between partners, the volume of transferred ownership rights from the state to private partnership. The most common forms of PPP: 1. A joint venture (JointVenture) as a partnership scheme is an alternative to privatization, which is especially important in the context of the possible social importance of the object transferred to joint management. The most common form of PPP at the municipal level abroad is corporatization. Mixed enterprises, in which private and public property are present in different shares, are, in particular, the most used way of solving problems on the principles of such a partnership. 2. Concessions are the most developed, progressive and complex form of PPP. First, they, unlike contractual relations, are of a long-term nature, which allows both parties to carry out strategic planning of their activities. Secondly, in concessions, the private sector has complete freedom in making administrative, economic and managerial decisions, which distinguishes them from joint ventures. Thirdly, the state, nevertheless, within the framework of both the concession agreement and public law in general, has enough leverage to influence the concessionaire in case he violates the terms of the concession or the law, as well as when it becomes necessary to protect public interests in concessions. . Within the concession as a form of PPP, various concession mechanisms are distinguished. The most common of them are: BTO (Build, Operate and Transfer) - "construction, management, transfer"; BTO (Build, Operate and Transfer) - "construction, transfer, management"; BOO (Build, OwnandOperate) - "construction, ownership, management" or ROO (Rehabilitate, OwnandOperate); BBO (Buy, Build, Operate) - "purchase, build, manage." So, the preferred mechanisms for business are BOO, BOOT, BOTT, DBFO contracts. The greatest influence of the private sector is characterized by projects for construction, ownership and management (BOO-projects), when the ownership of the project remains with the project company during the entire life of the project. For the state, the BOT and BTO mechanisms (for construction, management and transfer of property rights) are attractive, when the property rights to the invested object remain with the state even during the validity of the concluded contract. These concession mechanisms are shown in Figure 1.1.1 Posted on http://www.allbest.ru/ Posted on http://www.allbest.ru/ Figure 1.1.1 - Main PPP mechanisms depending on the private sector's ownership of the facility Source: . 3. The contract form of PPP is an agreement between state and / or municipal authorities and a private partner, built on existing legal norms, defining the actions to be performed by each of the parties to the contract, and responsibility for the performance (non-performance) of these actions. In this regard, the object is contractual relations arising in PPP projects. There is the following classification of PPP contracts in terms of the need to attract investments for their implementation: contracts that increase the efficiency of an existing facility; · contracts under which it is planned to create new or deep modernization of existing infrastructure facilities. 4. A special (special) economic zone as a form of PPP is a certain part of the territory on which there is a special regime for doing business, including the provision of tax, customs and administrative preferences, preferential treatment for land use, as well as guarantees against possible adverse changes in legislation about taxes and fees. The degree of specific participation of the state and private business, as well as the conditions for their combination, can vary significantly (Figure 1.1.2). Thus, the private component in partnerships can act as one of the parties to the contract (most often these are contracts for the supply of goods and services for public needs, contracts for management), when property rights are strictly divided. Posted on http://www.allbest.ru/ Posted on http://www.allbest.ru/ Figure 1.1.2 - Forms of PPP depending on the property rights they represent Source: . The degree of actual participation of private capital in modern PPPs may increase or, on the contrary, decrease depending on the chosen form of partnership and the extent of the transfer of the owner's powers to the entrepreneur. Improvement and development of PPP, in contrast to traditional administrative relations, creates its own models of management and financing; of fundamental importance is the issue of redistribution of property rights, which inevitably arise as a result of the redistribution of administrative power relations between the state and business into partnership relations. At the same time, the nature of such interaction, its methods and forms may differ significantly depending on the suitability of public institutions for cooperation and ownership and the national economy. However, it must be taken into account that the state always bears obligations to fulfill socially responsible functions related to national interests, and business always remains a catalyst for the process of innovative development and the growth of social wealth. The task of PPP development is not only to ensure effective interaction between government and business, but also to ensure the active participation of institutions in the development of financial organizations, including international ones, in the investment process. Thus, PPP, focused on the joint implementation of socially significant infrastructure development projects and meeting the society's need for quality products and services, can only be implemented when solving the following main tasks: pooling resources and experience in each of the parties of the partnership; distribution of risks between the partners of the partnership; effective management of joint property. Based essence of PPP, which consists in the state's focus on strengthening the budget and the growth of tax revenues, on the one hand, and the interest of business in favorable conditions for its stable development and increase in income, on the other hand, the creation of a full-fledged industrial and social infrastructure is a unifying goal for joint development. In this aspect, partnership can be viewed as a special form of contractual relations between the state and business on the terms of cooperation, in which both parties win or lose simultaneously. The parameters of partnership are a mechanism that ensures the correct resolution of the contradictions that appear between serving the national interests and making a profit; dynamic development of the economy; formation of a culture of interaction between government and business, positively influencing socio-economic relations at the level of regions and the country as a whole. PPP, by its economic nature, is the result of the development of traditional mechanisms for the interaction of economic relations between government and the private sector in order to develop, plan, finance, build and operate infrastructure facilities. Thus, the partnership between the state and the private sector can be characterized as a long-term interaction in order to attract additional sources of funding, to achieve the successful fulfillment of the duties of the municipality. Therefore, there is a need to identify the most priority sectors for the application of PPP for each country and region. Attracting investments in all sectors of the country's economy at once in full is almost impossible, moreover, there are always those sectors that need to be invested in the first place. In addition, the sectors in countries with different levels of economic development, in which, according to the government of the country, it is necessary to invest through the involvement of the private sector, differ significantly. In this regard, a study was conducted to identify priority sectors for the use of PPP in foreign countries. An analysis of randomly selected 915 foreign projects in countries with different economic development, implemented using the concession form of PPP, showed that such partnerships are successfully used in transport (roads, railways, airports, ports, pipeline transport) and social infrastructure (health, education, entertainment, tourism), housing and communal services (water supply, electricity supply, water treatment, gas supply, etc.), in other areas (prisons, defense, military facilities). Transport infrastructure leads the way, followed closely by social infrastructure (Figure 1.2.1). Figure 1.2.1 - Industries in which PPP projects are used in the world Source: . But if we analyze the use of PPP projects by country, considering them in accordance with the UN classification, then depending on the socio-economic development of the country, the picture will change. Figure 1.2.2 shows a diagram of the use of PPP projects in the G7 countries (USA, UK, Germany, Italy, Canada, France, Japan) by industry (615 out of 915 PPP projects were analyzed). Figure 1.2.2 - Analysis of the use of PPP projects by industry in the G7 countries Source: . If we compare Figures 1.2.1 and 1.2.2, we will see that compared to the overall picture in the G7 countries, transport infrastructure projects are far from being in first place. In the G7 countries, health care is in 1st place (184 out of 615 projects), education is in 2nd place (138 projects), and roads are in 3rd place (92 projects) (Table 1.1). Table 1.1 - Analysis of the use of PPP projects in the G7 countries Project implementation sector Great Britain Germany Water treatment facilities Waste management Utilities street lighting social housing Highways Railways Light Overground Metro Leisure organization Innovative technologies healthcare Education Bridges and tunnels Accommodation facilities Source: . Such a distribution of industries is not surprising, especially if we take into account the peculiarities of the socio-economic development of this group of countries. A more detailed study of foreign experience has shown that each of the G7 countries has its own top-priority industry for the use of PPPs. Thus, in the USA, such an industry is roads (32 out of 36 projects), in the UK - healthcare (123 out of 352 projects) and education (113 out of 352 projects), in Germany - education (24 out of 56 projects), in Italy, Canada and France - healthcare. Thus, we can conclude the following: in those countries that are characterized by the presence of a market economy, a high level of labor productivity and the level of consumption of GDP per capita, where the state guarantees a high level of social protection, where the average life expectancy is high and there is a high quality of medical care and education, PPP is used more often in the healthcare and education sectors, which is dictated by government policy. Let's consider other developed countries (Figure 1.2.3, Table 1.2), which, according to the UN classification, include: economically highly developed countries (Austria, Belgium, Denmark); · countries of resettlement capitalism (Australia, Israel); · countries with an average level of development of capitalism (Ireland, Finland, Spain, Portugal, Greece); · Countries listed by the UN as developed countries (South Korea, Singapore). These countries are characterized by rapid economic development and over the past 15-20 years have become major industrial, financial, scientific and technical centers. Figure 1.2.3 - Analysis of the use of PPP projects by industry in other developed countries Source: . Table 1.2 - Analysis of the use of PPP projects by industry in other developed countries Project implementation sector Australia Finland Ireland Northern Ireland Norway Portugal North Korea Holland Singapore Water treatment facilities Waste management Utilities street lighting social housing Highways Railways Light Overground Metro Leisure organization Innovative technologies healthcare Education Bridges and tunnels Airports Accommodation facilities Source: . As can be seen in Figure 1.2.3, the industry associated with the construction and reconstruction of roads (93 projects) is in the 1st place in terms of the number of use of PPP projects, followed by healthcare (29 projects), education ( 23 projects) and accommodation facilities (22 projects). If we turn again to Figure 1.2.2 and compare the results of the analysis of the two groups of countries, we will see that in the G7 countries health care is in 1st place, education is in 2nd place, and only then are roads. Therefore, we can formulate the following statement: there is a correlation between the level of development of the country and the industry that is chosen to attract investment in it with the help of PPP. Due to the high level of socio-economic development of the G7 countries and countries that we have classified as “other developed countries”, the priority of healthcare and education sectors is also due to the policies of these states and their socio-economic development. If we carefully look at Figures 1.2.2 and 1.2.3, we will see that the leading sectors in both cases are healthcare, education, roads, but depending on the group of countries, their places in the top three are distributed differently. If the statement formulated above is true, then in developing countries and countries with economies in transition, these sectors (with the exception of roads) will not be a priority. Given the lower level of economic development in these countries, transport infrastructure should take the first place in terms of priority for attracting investments through PPP, namely: the construction and reconstruction of roads, ports, railways, etc. To confirm or refute this assumption, we will consider countries with economies in transition (37 out of 915 projects). In accordance with the classification of the UN, we have attributed to the countries with economies in transition: · countries of Central Europe (Austria, Hungary, Germany, Poland, Slovakia); · CIS countries (Uzbekistan). Figure 1.2.4 - Analysis of the use of PPP projects by industry in countries with economies in transition Source: . Table 1.3 - Analysis of the use of PPP projects in countries with economies in transition Project implementation sector Germany Slovakia Uzbek-tan Highways Light Overground Metro Leisure organization healthcare Education Bridges and tunnels Airports Accommodation facilities Source: . As can be seen in Figure 1.2.4 and Table 1.3, the “health care” and “education” sectors are already far from the first place, in terms of the use of PPP - roads, construction of bridges and tunnels, light ground metro, airports are in the lead. This picture is quite predictable and realistic. In countries with economies in transition, these industries are given first attention, and it is in them that funds are invested. Now consider developing countries, according to the UN classification (22 out of 915 projects): Key countries (India, Brazil). They have great human and natural potential and together they produce the same industrial products, how many and all other developing countries; Developing countries with a relatively high level of development and per capita consumption of GDP (Chile); Newly industrialized countries (had high growth rates in the last 20-30 years): Countries of the first wave (1970-1980s) (Hong Kong); Newly industrialized countries (Mexico); Oil-exporting developing countries (Saudi Arabia, United Arab Emirates). As in the previous group of countries in developing countries, roads are in 1st place in terms of the number of PPP projects, airports, prisons and water treatment facilities are in 2nd place (Figure 1.2.5, Table 1.4). This distribution primarily reflects the interest of countries in the development of these industries (individual for each type of country, as the study showed), since PPP allows you to attract private sector investment, reduce public sector costs, and distribute risks between partners in project implementation. Figure 1.2.5 - Analysis of the use of PPP projects by industry in developing countries Source: . Table 1.4 - Analysis of the use of PPP projects in developing countries Project implementation sector United Arab Emirates Brazil Saudi Arabia Accommodation facilities Airports Education healthcare Light Overground Metro Railways Highways Waste management Water treatment facilities Source: . Thus, based on the analysis, the following conclusions can be drawn: 1. There is a correlation between the level of socio-economic development of the country and the priority sectors for the application of PPP projects in them. So, in each of the subgroups, it is possible to single out the leading industries in the use of PPP projects. 2. In any country of each subgroup, the government selects the highest priority industry for the implementation of PPP projects. You can also give examples of successful projects. Israel. Project Highway No. 6 The construction and equipment of a modern electronic toll system for the section of the trans-Israeli highway was carried out by the private company DerechEretz Group. Derek Eretz Group entered into an agreement with the state for the construction and full management of the central section of the road with a length of 86 km. Tajikistan. Power plant construction project in the Pamirs A private power plant in the Pamirs was built to provide uninterrupted power supply to poor, remote communities in eastern Tajikistan as part of a national poverty reduction strategy. Under the concession agreement, the state remained the main owner of all tangible assets. France. Project of the SudFrancilien Clinical Center The competition for the implementation of the Sud Francilienne clinical center project was won by a special company created by Eiffage, one of the largest construction and concession groups in France. Sometimes, when developing PPP projects, the interests of all stakeholders are not fully taken into account. Governance plays a role and becomes important if governments are to move up the "maturity curve". This process requires the development of supporting institutions, as well as appropriate procedures and processes to maximize the benefits of PPPs. It also means the willingness of governments to play a critical role in the process and to involve citizens in the process, on an equal basis with other stakeholders. Most governments, as well as regional and international organizations and NGOs, now recognize the importance of governance in economic development. Even if management effectiveness is not an easy concept to define. Governance is the processes that receive disclosure through the actions of governments and how those actions are carried out, not just what actions are carried out. This concept covers the quality of institutions and their effectiveness in the use of political decisions in practice. In general, institutions are understood as a set of formal rules (property rights, legal norms, etc.) and informal restraining mechanisms (beliefs, traditions, and social norms) that shape interpersonal interaction. Good governance is based on a number of basic principles. "The politician must be oriented and mobilized to strengthen development assistance, including the creation of the necessary conditions for effective governance." Ban Ki-moon UN Secretary General There are many interpretations of good governance, but the following six core principles are the most widely accepted: 1. Participation: the degree of involvement of all stakeholders. A Practical Guide to Good PPP Governance. 2. Rule of Decency: The degree to which the creation and enforcement of rules is carried out without causing harm or causing discontent among the population. 3. Transparency: the degree of clarity and openness of the decision-making process. 4. Accountability: the degree to which politicians are held accountable to society for what they say or do. 5. Fairness: The degree to which the requirement to follow the rules and adhere to the rules applies equally to all members of society. 6. Efficiency: The degree to which limited human and financial resources are used without loss, delay or deterioration, or without causing harm to future generations. There are also a number of areas of management where the principles listed above are revealed: 1) Government: executive control over the operation of the system as a whole. 2) Public administration: the sphere of direct policy implementation. 3) Judicial sphere: the sphere of settlement of conflicts and disputes. 4) Economic community: the “state-market” sphere, public and private sectors. 5) Political community: the area where public interests are aggregated. 6) Civil society: an area where citizens mature politically and decide on issues of political development. 7) Sustainable development: an area that includes not only social, but also environmental interests in the development of infrastructure. The tasks of effective management in the field of PPP are defined through: a) compliance with fair and transparent partner selection procedures that provide governments with a basis for developing various forms of cooperation and interaction; b) providing guarantees for obtaining added value (cost justification); c) improving the quality of the main most important public services, especially for socially vulnerable groups of the population, and organizing appropriate training for those who will be involved in new forms of cooperation and interaction; d) equitable incentives for all, as well as guarantees of cost recovery and protection for those who assume certain risks and obligations associated with achieving commercial success; e) reasonable dispute resolution that ensures the continued provision of services and prevents project failures and associated inefficient public spending; f) strengthening the ability to withstand new challenges and threats in order to generally improve the reliability of the provision of services by PPP structures. a) the regime of efficient acquisition (purchase) means the ability of government institutions to acquire goods and services of high quality at a much lower price; b) mechanisms for maintaining the effectiveness of project management increase the support for PPP from the society and the state, mainly from the institutions and persons responsible for the development of the relevant state policy; c) well-planned projects, based on the full consent of all involved and participating parties, taking into account the results of ongoing consultations, are much less likely to be derailed and, thus, can avoid costly litigation and litigation; d) public administration bodies that implement procurement on the principles of openness significantly influence the strengthening of confidence on the part of suppliers regarding the reliability of the administration as a business partner; e) good governance and effective institutions have a direct impact on strengthening competitiveness and increasing economic growth and development. However, the tasks of improving management have not received a proper development solution. Since initially PPP was considered as a financial mechanism for spending funds not included in the balance sheet. In terms of funding and technical support, consultations with society and other interested parties were also not expected. More recently, there has been a shift from using PPPs as a financial mechanism to using them for greater efficiency or value-added purposes. As value-adding tasks became more commonplace, there was an understanding that PPPs could be used to achieve more important social and economic development goals, as well as environmental protection goals. And a new initiative is needed aimed at integrating the criterion of management effectiveness into the sphere of PPP functioning. Based on the results of research, along with the need to include all stakeholders in the field of PPP in order to increase their impact on the social and economic development and Preservation of the Environment, United Nations Economic Commission for Europe: 1. Conducted a series of consultations on effective management issues with the main participants, stakeholders of the PPP formation process, including representatives of trade union organizations and business structures. 2. Studied particular cases of corruption in the PPP sector, the results of consultations with key stakeholders, the results of insufficient participation of authorities in PPPs, and much more. 3. Discussed ways to make PPPs more accountable. 4. Worked on the preparation of several preliminary versions of the Practical Guide to Good PPP Governance and the organization of a number of international meetings aimed at discussing and finalizing the development of basic principles for good governance in the field of PPP. These efforts resulted in the development of the UNECE Practical Guide on Good Governance in PPPs. Based on discussions and extensive consultations organized in the framework of various international meetings, the UN Economic Commission for Europe has prepared a Practical Guide to Good Governance in PPPs, focusing on: · policies in the field of PPP; · providing the necessary opportunities and conditions for the creation of PPP; · Establishing an appropriate legislative and broader regulatory framework; distribution of possible risks from the creation and participation in PPP; · state and municipal purchases; Accounting for and meeting the needs of the population; · environmental protection. And based on the principles of good governance: participation, good manners, transparency, accountability, fairness, efficiency, sustainable development. PPPs in the Republic of Belarus are AGREEMENTS between the state and the private sector for the provision of public services or the provision of infrastructure (Figure 2.1.1). It is a means of bringing together social priorities and the management skills of the private sector, removing the burden of large capital expenditures on government and transferring the risk of cost overruns to the private sector. In contrast to the complete transfer of state assets to the private sector, as in the case of privatization, services are provided by the state together with business. Figure 2.1.1-Scheme of agreements between the state and the private sector Four stages of the life cycle of a PPP project: 1. Initial assessment of project feasibility This is the period during which the public authority considers which procurement option will be most appropriate - direct public sector procurement or indirect procurement through PPP - and makes a decision in principle to proceed with the project based on PPP. Such a presentation of the project, taking into account all these factors for political approval government agency called the Project Framework. This document is often made publicly available to the public. 2. Procurement stage This is the period during which Bids are requested and a candidate is selected. It is a "public procurement" process whereby a public body enters into a contract with the private sector. · A SPC is formed, on behalf of which a PPP contract is negotiated. · The state body conducts a comprehensive examination, and funding is provided. · The end of the public procurement phase is referred to as the “completion of the financial aspects of the project” (or “project effective date”), after which construction of the facility or infrastructure can begin. 3. Construction phase After the finalization of the financial aspects of the project, the relationship between the state body and the SPC (“project company”) is built on the basis of CONTRACT MAINTENANCE. At the construction stage, the DEVELOPMENT of BORROWED FUNDS and the USE of OWN SHAREHOLDER CAPITAL of the PROJECT for the purpose of construction of the facility are underway. The end of this process, when the facility is officially accepted for commissioning in accordance with the provisions of the PPP contract, is called the “service availability date” (or “service start date”). 4. Operating phase This is the period during which the facility provides SERVICES in accordance with the requirements of the PPP contract and generates cash flow to service debt to creditors and pay income on the participants' investments. At the same time, the state body continues to carry out the functions of supporting the contract. In 2014, during the preparation of new policy documents for the upcoming five years, in particular, the draft Concept and Basic Provisions of the Program for the Social and Economic Development of the Republic of Belarus for 2016-2020, the draft Law on Public-Private Partnership, the issue of developing a long-term document was raised infrastructure planning. A decision was made to develop the National Infrastructure Plan of the Republic of Belarus for 2016-2030 (hereinafter referred to as the NIP). The basis for its development is the Resolution of the Council of Ministers of the Republic of Belarus dated May 27, 2014 No. 508 “On the Interdepartmental Infrastructure Coordination Council” (hereinafter referred to as Resolution No. 508), adopted in order to pursue a consistent state policy and coordinate the development of infrastructure facilities, including PPP principles. In accordance with Decree No. 508, NIP is understood as a long-term planning document (10 - 15 years), adopted (developed) taking into account the National Strategy for Sustainable Development for the period up to 2030, which is based on the priorities and needs of the state for the development of industrial and social infrastructure facilities , analysis of costs and benefits when choosing the optimal model for financing infrastructure projects, the required amount of investment. With full political consent at all levels of public administration in Belarus, the best world experience is being introduced for the intensive and widespread use of PPP mechanisms. In most cases abroad, they are used in the modernization and construction of infrastructure facilities and involve the financing of global and expensive projects by a private partner. Significant impact on attracting national and foreign investment the current legislation, which is friendly to the practice of PPP, provides the right area. The presence of a separate specialized law in this area helps to correctly allocate risks and protect private investments. From my point of view, this approach testifies not only to the correctness of the state economic policy, but also is an advantage in establishing relations with business in the implementation of infrastructure projects. The transformation of economic and social life in our country and numerous examples of successful PPP abroad have led to the growth of scientific publications on this topic. However, most of them are devoted to PPP in the innovation sphere, while the coverage of the issue of using these mechanisms in the national infrastructure has not been widely disseminated. Under it in the broadest sense, we mean physical objects that are either underground (water supply, sewerage, etc.) or on its surface (roads, bridges, etc.). Initially, these are housing and communal services and transport communications, additionally - power supply and telecommunications. And although the listed types belong to different sectors of the economy, they have one common technical element - networks branched out throughout the country for the delivery of goods or services produced. It is these networks that are a capital-intensive object for the so-called long-term and least mobile investments in terms of their return. Moreover, if you look at the objects of the so-called "hard infrastructure" from a market point of view, they have another characteristic feature: in the vast majority of countries they are defined as elements of monopolistic formations, the success of which depends heavily on the degree of use of a large-scale national economy. In the conditions of Belarus, this also means their traditional full belonging to the state and comprehensive regulation on its part, for example, through the establishment of tariffs, standards, etc. This seemingly significant disadvantage turns into a unique opportunity for national and foreign investors to gain access to sectors of the economy that are historically under state control and make a long-term capital investment with a pre-agreed and guaranteed rate of return. Our country is following a consistent path, introducing PPP and paying special attention to both the creation of institutions, the training of specialists from public administration bodies, and the preparation of national legislation in this area. This work is carried out jointly with experts from the United Nations Economic Commission for Europe, who, under an agreement with the Ministry of Economy of the Republic of Belarus, in 2012 conducted an examination of a draft PPP law, as well as an assessment of national readiness to introduce PPP mechanisms, which is a consulting service designed to help the country in development of PPP and attraction of private capital for infrastructure development. According to experts, Belarus has the necessary potential and favorable conditions for the implementation of PPP projects. In order to implement the main recommendations set out in the Assessment of National Readiness for the Implementation of PPP Mechanisms in the Republic of Belarus, since May 2013, intensive work has been carried out to increase the capacity, train and inform a wide range of representatives of government bodies, private business, public organizations on PPP issues... Theoretical foundations and world experience in organizing public-private partnerships. Specifics of interaction between the state and the private sector in public-private partnership projects. Analysis of the experience of public-private partnership in the regions of the Russian Federation. term paper, added 04/09/2014 The concept, emergence and structure of public-private partnership, its conceptual foundations. Basic models and forms of partnership. International experience of interaction between the state and private business. The practice of introducing these relations in Russia. term paper, added 11/30/2010 Models of public-private partnership, history of origin and foreign experience of use. Problems of implementation of public-private partnership in the innovation sphere. Institute of Special Economic Zones in the Russian Federation SEZ TVT "Dubna". term paper, added 02/12/2014 Analysis of the development of public-private partnership (PPP) in the regions of Russia for 2015-2016. Problems of the development of public-private partnership in the regions of Russia in the context of the economic downturn. Description of the best PPP practices in the social sphere. term paper, added 06/29/2017 The place of public-private partnership in the implementation of domestic and foreign policy of the Republic of Belarus. The role of the concession in stimulating the development of the state economy. Legal nature of PPP. Development of partnership as an innovative form of management. term paper, added 02/24/2015 The role of public-private partnership in managing the socio-economic development of the constituent entities of the Russian Federation and municipalities. Proposed solutions to overcome the constraining factors of the development of the institution of private partnership. thesis, added 07/26/2017 Characteristics of the economic situation in Russia in modern conditions. Public-private partnership as a method of forming economic policy in conditions of instability. Concepts of long-term socio-economic development of the country until 2020 thesis, added 11/21/2012 The functioning of the public and private sectors of the Russian economy. Public-private partnership and its role in the structural transformation of the economy. International experience in the development of public-private partnerships in economically developed countries. term paper, added 05/12/2014 Conceptual foundations of public-private partnership: concept, features, legislative justification. Models, forms and mechanisms of PPP, the practice of its use in the investment policy of the state. Current PPP projects in the Russian Federation. term paper, added 08/11/2016 The system of incentives for investors in the public-private partnership contract at the stage of concluding a contract and implementing a project in the event of a liquidity shock. Systematization of approaches to the implementation of projects in conditions of limited funding.Introduction
Models, principles and mechanisms for the implementation of public-private partnership
Forms of public-private partnership implementation
Sectors of application of public-private partnership
Application of public-private partnership in Russia
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INTRODUCTION
1
. PUBLIC-PRIVATE PARTNERSHIPS AND ITS MAIN ASPECTS
1.1 Essence, forms and mechanisms of public-private partnership
1.2
Foreign experience in the implementation of public-private partnership
1.3 Good governance in public-private partnerships
2
. ANALYSIS OF THE DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIPS IN THE REPUBLIC OF BELARUS
2.1 Analysis of public-private partnership in the Republic of Belarus, its directions and forms, as well as legal and financial aspects
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