Financing of development projects in Russia and abroad

Abstract

The article examines the essence and content of the category "development project". A comparative characteristic of the views of scientists on the definition of the term "development project" is given and the author’s defi nition of the studied category is derived. In the context of expanding economic relations between the state, developers, market agents, investors and development companies, the supply on the real estate market is expanding, the requirements for the formation of a portfolio of investments directed to the creation and implementation of a development project are changing. The author examines the stages of financing development projects, taking into account the need to develop and monitor master plans for the development of the urban economy. The article emphasizes that the central place in the financing of development projects in Russia today is occupied by the account-ESKROU agreement, which is a tripartite agreement concluded between an individual (legal entity), a bank, a developer for the purpose of equity financing of the construction of a residential property. The needs of the company in attracting investments in a development project have been studied on the example of renewing the territories of St. Petersburg. An assessment of the best foreign practice of financing development projects for attracting syndicated loans and ESCROU accounts to the system of financing innovative development programs in China, Canada, Great Britain, and the United States is given.