Features of the use of debt financial instruments of public-private partnership in domestic and foreign practice

Abstract

Introduction. Financial cooperation of the state with subjects of entrepreneurial activity is carried out with the help of appropriate tools that contribute to the creation of a favorable investment environment for the implementation of socially important infrastructure projects. At the same time, an important place is occupied by debt financial instruments, which make it possible to ensure the fulfillment of obligations undertaken by partners. The purpose of the paper is to highlight domestic and foreign practice and issues of using debt financial instruments in the process of implementing public-private partnership projects. Results. The results of the study show that when financing public-private partnership projects, partnership participants seek to attract cheap and long-term debt financial instruments. Therefore, the most accessible and profitable financial instrument used in the process of financing public-private partnership projects are bank credit resources. However, small banks do not have the ability to independently finance these projects. In such a case, an effective tool is syndicated lending, the participants of which can become not only large banks, but also small ones with a different share of lending. It was established that an alternative to bank lending is the issuance of debt securities - infrastructure bonds, the use of which makes it possible to reduce the burden on budgets of various levels and attract extra-budgetary sources of financial resources. Conclusion. Effectiveness of using debt financial instruments needs to solve problems on the debt capital market, in particular regarding the legislative regulation of their formation, circulation and use in the sphere of public-private partnership, ensuring investment attractiveness, transparency and openness. Prospects for further research in this direction are the search for ways to improve the financial tools for the development of public-private partnerships, taking into account the best achievements of world experience.