Budget Financing of Infrastructure Projects as a Tool for Implementing the Investment Policy of the Regions of the Russian Federation

The article discusses the current practice of using budget financing for investment and infrastructure projects in the Russian Federation. The use of budget investments at the level of Federal districts of the Russian Federation is analyzed. It is established that the maximum concentration of Federal investments is typical for depressed regions (the North Caucasus and southern Federal districts), as well as for Moscow due to its strong competitive advantages. The dynamics of targeted subsidies from the center sent to the regions is shown. The main branches of budget financing of investment projects in Russia are indicated. Further prospects for budget financing in Russian regions are presented, in particular, spending on infrastructure projects for the next five years and the plan of the Federal targeted investment program of the Russian Federation for 2020. It is noted that at the current stage of budget investment in the development of regional economies is not enough, in this regard, the factors that affect the incomplete use of budget funds in project financing are highlighted. Some approaches to the formation and implementation of investment policy at the regional level to improve the efficiency of budget funds are proposed.