Non-state Pension Funds Research Articles

NON-STATE PENSION PROVISION IN THE SYSTEM OF SOCIAL PROTECTION OF THE UKRAINIAN POPULATION

Introduction. The Ukrainian system of social protection, which is mainly financed by the budget funds and funds of state social insurance funds, is currently unable to provide a decent level of pensions. Involving non-state financial institutions in solving this problem allows to increase the efficiency and flexibility of the system of social protection of the population in old age. Purpose. The purpose of the article is to analyze the situation, outline the problems of development and develop practical recommendations for improving the non-state pension provision as an instrument of social protection for people of retirement age. Results. The essence and structure of the system of the population social protection is uncovered, which unites state and non-state constituents. The dynamics of budget expenditures on social protection and expenditures of the Pension Fund of Ukraine are analyzed. The increasing deficit of the Pension Fund has been revealed, which indicates a profound financial crisis in the pension system. There has been made an evaluation of the development of nonstate pension provision as a mechanism for the formation of additional financial resources for the payment of pensions. It has been established that non-state pension funds (NPFs) are the main financial institutions that provide accumulation of pension assets. The analysis of NPF activity in Ukraine shows a reduction in their number, exceeding the number of NPF participants over the number of contracts concluded, a small amount of contributions from individuals, an increase in retirement benefits, a slight increase in the value of retirement assets, as well as imbalances in the volume of assets by types of NPFs. There has been highlighted the role of life insurance companies in non-state pension provision, which consists in entering into life insurance pension insurance contracts with an NPF participant, calculation and payment of an additional pension. The directions of activity of banking institutions in the system of non-state pension provision regarding the establishment of an NPF, the role of the custodian bank of NPF, maintenance of insurance companies engaged in pension insurance, and the attraction of pension funds through the opening of pension deposit accounts are disclosed. Conclusions. The proposals on the necessity of developing well-balanced rational and effective of socio-economic, normative-legal, organizational management decisions for the preparation and implementation of an effective strategy for the development of non-state pension provision, are substantiated.

IMPACT OF GOVERNMENT REGULATION OF PRIVATE PENSION FUNDS DEVELOPMENT IN UKRAINE

Introduction. The development of an effective pension system is one of the cornerstones of forming a socio-economic model of state development for any country. The mechanisms of formation and use of financial resources of the pension system affect all aspects of the functioning of such model. Assignment of tasks of the organization of future provision of pensions only on some one of the parties of this process (state, employer, individual) is historically demonstrated the vulnerability of such “single-level” models. Accordingly, most countries in the world are developing multi-level models of national pension systems to create various organizational forms of retirement provision, to attract as many participants as possible, and to provide the financial resources needed to secure future retirees. The introduction of a multi-level pension system in Ukraine is still continues. Therefore, the study of problems of state regulation of the functioning of new forms of pension provision for the national pension system and the prospects for their development remains relevant. Purpose of the research is to investigate the problematic aspects of the activity of non-state pension funds as a component of the multi-level pension system of Ukraine and determine the prospects for their development, taking into account the influence of the state. Results. The place of the non-state pension funds in the multilevel pension system of Ukraine is defined. Influence and interdependence of activity of NSPF and other elements of an accumulative component of the national pension system is reasonable. Negative aspects of influence of the state on functioning of non-state level of the pension system in general and NSPF in particular and also consequences for development of activity of NSPF slowing down of development by public authorities of the accumulative making pension system of Ukraine are revealed. Conclusions and recommendations on stimulation of structural reform of the national pension system and development of activity in it the non-state pension funds are formulated. Conclusions. During of pension reform in Ukraine the state focuses attention on reforming of a solidary component of the pension system which covers a considerable part of electorate (pensioners) and slows down introduction of mandatory funded pension system as it will not have fast influence on the electorate presented by the working citizens. Development of nonstate level of the pension system in the context of social and economic development by the government is practically not considered and restrains by subjective factors: a voluntary nature, low level of awareness and trust of citizens and the enterprises concerning activity of the nonstate pension funds and also purposeful (or spontaneous) actions / inaction of public authorities which complicate operating conditions of institutions of non-state pension provision. Objective factors that hamper the development of non-state pension provision are the problems of the national economy, caused by the global and national economic crises (high level of shadowing of the economy and wages, outstripping growth of the share of current consumption in monetary incomes of the population, inflation and currency devaluation, reduce the possibility of the diversification of domestic investments and insufficient accumulated pension assets in foreign currency equivalent for effective foreign investment, etc.). Necessary condition of effective influence of state regulation on development of the national pension system is observance of the legislation by public authorities and appropriate performance of the tasks assigned to these bodies, prevention of emergence of legal collisions between rules of various acts of the legislation, full economic grounding of regulatory measures. The leverage of the development of non-state pension funds may be the introduction of a mandatory accumulation level of the pension system with the involvement of non-state pension funds in the maintenance of mandatory retirement savings. It can stimulate additional voluntary pension savings, a legalization of wages of the working citizens, increase in sources of provision of pensions of the citizens and increase in level replacement of labor income in an old age and also formation of a powerful source of investment resources for financing of national economic development.

Конкуренция между негосударственными пенсионными фондами на российском пенсионном рынке

Конкуренция между негосударственными пенсионными фондами на российском пенсионном рынке

Information supply and methodological approaches to analysis of non-state pension funds

The article provides an analysis of the performance of the system of non-governmental pension funds (NPFs) of Ukraine from 2006 to 2018. The purpose is to develop the theoretical foundations of information support and a comprehensive system of indicators to support customers’ decisions in the non-state pension system. The following methods were used: systemic - to identify factors that influence the choice of a non-governmental pension entity, method of financial calculations to evaluate the activity of NPFs, method of cluster analysis - to structure the market of non-state pension funds, method of additive convolution of criteria for calculating the integral index of assessment, a rating method for assessing the accessibility and openness of information and the integrated NPF valuation index. The paper presents the developed system of quantitative and qualitative indicators of NPF activity, by means of which 58 NPFs of Ukraine were analyzed on 31.12.2018. The system of qualitative indicators of estimation of openness and accessibility of information on NPF has been improved. An integral indicator is proposed and calculated that includes quantitative and qualitative parameters, namely the indicator of the net asset value of a retirement asset, the coefficient of real income over the last three years, the coefficient of the cost of servicing NPFs and the openness and accessibility of NPF information. Five main clusters of NPFs of Ukraine were identified according to the indicators of the net asset value of the NPFs, the number of participants, the net asset value of the pension assets, the average real income ratio over the last three years. Each of the clusters has its own peculiarities regarding the impact on the private pension system, population coverage and performance. Disparities in the development of the NPF system have been identified. Methodological bases for informational support of NPF analysis are developed. The proposed database, the information accumulated in it, the methodological recommendations for the analysis should help those who are planning to choose an NPF or participate in an NPF with a lack of openness and accessibility of information.

The development of forms of institutional investment and their role in the mechanism of raising capital for the domestic economy

One of the important contemporary problems is to provide sustainable economic growth by attracting investment capital to all sectors of the national economy. According to world experience, the main role in this process belongs to the securities market. It is an important tool for the development of the national economy, as it promotes the redistribution of capital between its spheres and industries. Institutional investors as professional financial intermediaries play a decisive role in the mechanism of capital flows allocation. Collective investment institutes are large-scale financial institutions that accumulate significant amounts and manage them. The article investigates the role and importance of institutional investors as a special type of financial intermediaries in the Ukrainian financial market. Institutional investors are professional participants of the stock market and financial intermediaries between citizen’s savings and the investment needs of the domestic economy. Their mission is to promote the more effective realization of the function of transforming savings into investments. Significant amounts of free cash owned by small investors and the large needs of a real sector of the economy in free investment resources require the search for effective means of fundraising from small owners to collective investment institutions. The importance of institutional investors activity is great since they are the leading suppliers of investment resources in the country’s economy and determine the level of its economic development. The trends and results of Ukrainian institutional investors activity over the last five years is investigated in the article. From the quantitative side, the collective investment institutions are the dominant kind of institutional investors in Ukraine, and their number is constantly increasing. For the beginning of 2018, 292 asset management companies, 235 collective investment institutions, 58 non-state pension funds and 3 insurance companies with assets in AMC management were registered in Ukraine. We can see the largest increase in the value of assets in non-diversified investment funds – 146.3%. At the same time, mutual funds increased on 23.8%. However, this is not enough for the Ukrainian stock market. A small number of derivatives in circulation and low liquidity of securities restrict the activity of domestic collective investment institutes. The critical analysis of the long-term working practices of Private joint stock company «KINTO» is performed. PJSC «KINTO» is one of the most successful asset management companies on the domestic securities market. Currently, PJSC «KINTO» is an investment manager of twelve investment funds and one non-state pension fund. Asshown by analysis, the final financial results of the collective investment institutes (CII) depend on the choice of investment strategies. The features of the use of various investment strategies by CII at the stock market are investigated. It is proved that the passive-active strategy using is the most effective because of maximizing income while minimizing risks in the medium and long-term. To achieve this aim, the majority of investment funds of AMC «KINTO» forms a diversified investment portfolio based on the securities of the most investment-attractive companies of the real sector of the economy, belong to the «blue chips» of the domestic stock market. Also, the company «KINTO» uses all advantages of collective investments by applying both different trading platforms and investment instruments (instruments of stock, bond and money markets). Key words: institutional investors, net asset value, closed-end non-diversified corporate investment fund, interval diversified unit investment fund.

Оцінка результатів діяльності недержавних пенсійних фондів на фінансово-кредитному ринку України

Оцінка результатів діяльності недержавних пенсійних фондів на фінансово-кредитному ринку України

Efficiency of non-state pension funds functioning in Ukraine

The subject of the article is methodological and practical aspects of determining the efficiency of the work of non-state pension funds. The aim of the article is is to show the real state of affairs about the productive activity of non-state pension funds and analyze the effectiveness of their work. Article methodology. The article uses structural-logical, economic-statistical and economic-mathematical methods, as well as comparative analysis, a graphical method. Results of research. During the study, the dynamics of the number of NPFs, asset management companies and administrators in Ukraine, as well as the distribution of NPF participants by age group was analyzed. The index of economic efficiency of NPF activity (growth of the net value of the unit of pension contribution, profitability of investment of pension assets) is considered in accordance with the method of determining the criteria for assessing the financial condition of the NPF, developed by the National Financial Services Commission. Analytically represented: structure of the net asset value of NPF by type; the total average net asset value per participant in Ukraine and the profitability of the investment activity of the NPF. The indicator of the CAGR of the net value of assets of domestic NPFs by types for 7, 5 and 1 year is calculated. Scope of results of research. The results of the study can be used by citizens of Ukraine of different ages who are interested in providing pensions, in the practice of employees of non-state pension funds, banks and life insurance companies. Conclusions. Analyzing different groups of indicators of non-state pension fundsactivity in Ukraine, the overall low level of development of this segment of non-state pension provision was revealed. The effectiveness of the funds directly depends on the number of participants and the quality management of assets. According to statistics, in this area, the domestic non-state pension fundsstill needs to introduce serious improvements.

Financial instruments of raising household savings for investment purposes: pragmatic and analytical aspects

The article illustrates that the process of reforming Ukraine’s economy has been accompanied by an increasing interest in examining and analyzing the major instruments of household savings, as well as ways of their transformation into investment resources. Thus, the purpose of the study is to deepen the theoretical foundations and develop practical recommendations for transforming savings of national households into investment instruments on the Ukrainian financial market.It is formulated that the major instruments of household savings in Ukraine include: bank deposits, funds in the accounts of non-bank financial and credit institutions, cash money in national and foreign currencies, securities, gold, etc.It is pointed out that bank deposits, which are considered to be traditionally more popular and attractive instruments of savings for Ukrainians, not only have significant advantages, but also a number of disadvantages.The non-bank financial and credit institutions, which cooperate closely with the household sector, include credit unions, life insurance companies, and non-state pension funds. However, their activities cannot be compared with banks when it comes to raising household savings.As shown in the article, the insufficient use of such financial instruments as securities by national households is a sign of distrust towards the state and stock market institutions (only about 1-2 % of Ukrainians are willing to invest into stock market instruments).The study indicates that, since the current institutional framework is imperfect, Ukraine’s households cannot function as strategic investors of the national economy.In order to enhance these processes, state executive and administrative bodies should promote national projects aimed at improving financial condition of Ukraine’s households and strengthening their investment presence on the Ukrainian financial market.

Functional Improvement of Non-State Pension Funds as Mechanism of Investment in Russian Economy

The article is dedicated to the search of investments in the domestic financial market that is a relevant problem for the Russian economy. The authors believe that pension funds attracted by non-state pension institutions are an essential resource for the Russian economy; practices of foreign pension institutions need to be examined and implemented to tap this resource more efficiently. The proposed measures specified in the article following the study of foreign pension funds’ functioning include: changes in the criteria for balancing portfolios of Russian pension funds’ securities; development of new instruments for pension funds’ investment; enhancing activities of non-state pension funds’ shares market; activation of pension funds' investments in shares of innovative enterprises, etc. Practical proposals on the improvement of Russian non-state pension funds’ activities have been made.

LIFE INSURANCE UNDER REFORMING THE PENSION INSURANCE SYSTEM

The purpose of the paper is to generate practical recommendations on the prospects of life insurance development under reforming the pension insurance system in Ukraine. Methodology. In the article, a considerable attention is paid to international experience, the implementation of which is relevant for Ukraine today. In determining the place of life insurance in European pension systems, the experience of Spain and the United Kingdom is considered, which is sufficiently indicative for Ukraine and can serve as a model for reforming the national pension system. Methodological basis of the article are methods of scientific cognition, which enable to expose basic conformities to the law of development of the pension systems in this countries and place of life insurance in them. Such methods are in particular used as: analysis and synthesis – during the study of reforming pension systems, their detailed analysis and definition of their peculiarities; scientific abstraction – with the purpose of forming of theoretical generalizations and conclusions; also, the method of scientific synthesis, forecasting method, econometric modelling for forecasting the development of life insurance in Ukraine up to 2020. Results. The pension insurance system of Ukraine is at the stage of reformation by introducing compulsory accumulation of pension funds and the development of voluntary non-state pension insurance. The main financial intermediaries providing voluntary pension accumulation services in Ukraine are: banks – through the possibility of saving on retirement deposits, insurance companies – through life insurance products, and non-state pension funds (NPFs) – through the voluntary participation of citizens in such funds. The article discusses the key differences in the activity of the given subjects in the system and also determines the place of life insurance itself in the system of pension insurance in Ukraine. Practical significance. Having considered the key macroeconomic indicators of Ukraine’s economic development, the article predicts the volume of investments into NPFs and insurance premiums for life insurance companies using econometric methods; the benefits and prospects of life insurance are determined. Practical recommendations on the prospects of life insurance development under reforming the pension insurance system in Ukraine are formulated. Value/originality. The modelling of the development of the non-state level of the pension system of Ukraine allowed determining the dynamics of growth of contributions to life insurance companies and contributions to the NPFs in 2017-2020 and drawing a conclusion on the positive prospects for the development of the life insurance market in Ukraine and its special role in the successful reformation of Ukraine’s pension system.

DIAGNOSTICS BY FINANCIAL REGULATORS OF FINANCIAL INSTITUTIONS PREPAREDNESS TO THE IMPLEMENTATION OF ECONOMIC SECURITY MANAGEMENT

DIAGNOSTICS BY FINANCIAL REGULATORS OF FINANCIAL INSTITUTIONS PREPAREDNESS TO THE IMPLEMENTATION OF ECONOMIC SECURITY MANAGEMENT

Недержавні пенсійні фонди як інституційні інвестори: тенденції та проблеми розвитку

Недержавні пенсійні фонди як інституційні інвестори: тенденції та проблеми розвитку

Prospects of introduction of the funded pillar of the pension system of Ukraine

The article analyzes the current state of the pension system of Ukraine. It is determines that the diversification of pension financing of sources is low, the solidarity component is dominates in the pension system of Ukraine. The increase in the role of accumulation principle is due to the influence of demographic and socio-economic factors, and low population incomes to constrain by its development. The essence of the new three-tier pension system of Ukraine is also considered, the comparison with pension systems of other countries is carried out. The non-state pension funds activity is analyzed, the differences between the solidarity and accumulation systems of pension provision, the role of accumulative pension insurance in the system of population social protection, the mechanism of transition to accumulation system of pension provision, the peculiarities of accumulation fund functioning and non-state pension funds, the investment potential of pension savings, and also implementation prospects of mandatory retirement pension systems in Ukraine are considered. The pension provision system is associated with implementation of a cumulative system of compulsory state pension insurance, therefore, in the future it is necessary to look for solutions to the problems of pension provision, to use new approaches to Pension Fund financing, to develop the second level of pension provision, and also reduce the risk of pension accumulations

THE ROLE AND FEATURES OF INSTITUTIONAL INVESTORS INPROVIDING OF INNOVATIVEINVESTMENT

In article is analyzed the structure of innovative investment system in Ukraine. Founded that in Ukraine developed three types of non-bank innovative investors – collective investment institutes (including venture funds), non-state pension funds and insurance companies. To unveil their innovation investment activity was analyzed the current structure of investment assets and its changes. Also in article we outlined the key problems of development of innovative investment in Ukraine and proposed few ways to solve them.

Methods of Combating the Legalization of Proceeds from Crime through Non-State Pension Funds

The crisis in the field of social security of the population occurred in the process of transformation of economic relations, and, first of all, in the pension system. A reform of the pension system has been implementing for a sufficient period of time, in order to overcome the negative phenomena. Non-state pension funds (further NPFs) have been severely criticized by the Ministry of Health and Social Development to address the mandatory pension insurance system. Private organizations ineffectively manage the pension savings of citizens, and there is also a place for - the legalization of criminal proceeds, the ministry believes, which can be confirmed by the data published by the Bank of Russia on the revocation of licenses from a number of NPFs[1].The legalization of criminal proceeds is by itself a very negative phenomenon, which adversely affects the individual organization, the economy as a whole and social life, exerting a detrimental effect on the economic and national security of society and the state. Operations, to some extent related to the legalization of criminal proceeds, significantly increase the risk of loss of reputation for non-state pension funds. As a result, these monetary resources fall into the global financial system, and acquire the ability to undermine the national currency and the economies of individual countries, thus creating a threat to both national and international security. Keywords: Legalization of criminal proceeds, private pension funds, risk-oriented approach, internal control.

NON-STATE PENSION PROVISION OF RUSSIAN POPULATION AT THE PRESENT STAGE OF DEVELOPMENT

The article deals with topical issues of non-state pension provision, the issues of the formation of non-state pension funds, the advantages of non-state pension provision. The analysis of the activity of large non-state pension funds for 2016 on the most important indicators: profitability, the availability of own property, the size of capital and reserves, the number of insured persons, the volume of pension savings.

MODELLING THE DYNAMICS OF PENSION CONTRIBUTIONS ACCUMULATION IN NON-GOVERNMENTAL PENSION FUNDS

Introduction. Pension provision in any country depends both on the state of the national economy and on the state regulation of social processes. The solidarity pension system in Ukraine does not provide a decent standard of living. Alternative, which allows creating an additional source of pension benefits, which are guaranteed by the state, and reducing the financial burden on the state, are non-state pension funds. Non-state pension funds provide non-state pension provision services by individualizing the accumulation of funds. Their main purpose is to ensure that people receive additional mandatory state pension insurance payments. After analysing different approaches to improving the system of non-state pension funds, the main indicators influencing pension payments are revealed. Purpose. The article aims to model the dynamics of key indicators, on which the payment of pensions in non-state pension funds depends. Methodology. In the process of writing a paper, we have used a number of scientific methods. The system approach is used as one of the main methods of scientific research. The MARSPline module is a component of Data Mining technology in the application package Statistica, techniques of mathematical modelling, in particular approximating polynomials in the process of modelling the dynamics of receipts and payments. The use of actuarial methods helps show how to determine the accumulated amount on individual accounts of participants in non-state pension funds. Results. Different methods and approaches to the evaluation of the activity of non-state pension funds have been analysed. The use of the sixth grade polynomial has made it possible to follow the dynamics of contracting for subsequent periods. It is determined by actuarial methods of accumulated amount on individual pension accounts with different options for contributing and charges interest thereon, allowing depositors to predict the amount of their investments. Using the MARSPline module Statistics program is constructed: a regression model of the dependence of a retirement asset on one person from contributions and investments of investments; Dependence of pension payments on contributions to individual accounts, income from investment of assets, expenses and the number of paid pensions, which allows calculation of future payments to participants, is revealed. The application of the fourth-level approximation polynomial makes it possible to determine the amounts of future retirement benefits in dynamics.

СТАНОВЛЕНИЕ НЕГОСУДАРСТВЕННЫХ ПЕНСИОННЫХ ФОНДОВ В ПЕНСИОННОЙ СИСТЕМЕ РОССИЙСКОЙ ФЕДЕРАЦИИ

The main purpose of the article is to create a denition of the genesis of such a large institutional investor as non-state pension funds (NPFs) and their current status in the pension system of the Russian Federation. The article provides a detailed study of the emergence of APFs in the market economy of Russia, as well as a study of the main parameters of the institutional and functional structure of relations on the forma-tion of NPFs of pension savings and pension reserves. The modern tendencies of APF de-velopment in the pension system of Russia are revealed.

Розвиток недержавного пенсійного забезпечення в Україні

The article examines the evolution of approaches the construction of a multi-level pension provision model proposed by the leading international financial institutions and organizations. This model must meet the criteria of sufficiency, cost-effectiveness, sustainability, and reliability. It underlies of the concept of pension reform in Ukraine, which involves the implementation of measures of parametric and systemic character. Non-state pension provision, as an integral component of the pension system, is intended the voluntary accumulation of savings the additional pensions. The basic legislation on non-state pension provision came into force in Ukraine in 2004, but the amount of funds attracted by non-state pension funds remains insignificant at this time. Till 2008, an extensive growth of the non-state pension provision market was taking place: against the backdrop of a low base, the value of non-state pension funds assets actually doubled, the number of non-state pension funds, their contributors and participants increased dynamically. After the crisis of 2008-2009, annual growth rates of assets of non-state pension funds stabilized at the level of 25-30%, reaching, at the end of 2014, UAH 2 469.2 million, while the number of contributors and participants remained almost unchanged, and the number of non-state pension funds began to decrease, which is explained by the beginning of consolidation in this market. As a result of the crisis of 2014-2015, a decapitalization of non-state pension funds took place and their total assets at the beginning of 2016 decreased to UAH 1,980.0 million. The two main forms of decapitalization were net outflow of capital (exceeding the amount of pension payments above the amount of pension contributions) and loss-making activities (depreciation of securities, loss of deposits in banks and assets in the Crimea and in the east of the country). In 2016, despite the fact that the net outflow of capital continued, the process of growth of the non-state pension funds assets resumed. The two main categories of non-state pension fund contributors are individuals (households) and corporations (employers). Till 2015, in the total contributions, the share of the former was from 3 to 6%, and that of the latter from 94 to 97% (the phenomenon of growth of the share of individuals in 2016 in the total contributions to 16.4% requires additional study, but there is a high probability that such an increase occurred under the influence of employers, who prompted employees to co-finance corporate pension schemes). According to sociological surveys, only 10% of households in Ukraine saved part of their income, while giving preference to short-term investments, and about 40% of households indicated that they were forced to direct all income received to current needs. Statistics from other countries confirm the thesis of a direct relationship between household income and their inclination to save on an additional pension. Corporations (employers) are considering the introduction of supplementary pension schemes as a manifestation of corporate social responsibility and as an effective HR tool. As a rule, corporations of those sectors of the economy, where there is a higher level of competition in the labour market (labour demand), resort to such programs, and there is a need to expand the tools stimulating personnel through a social package: the financial sector, telecommunications, the pharmaceutical industry, etc. Cross-country comparisons make it possible to conclude that other motivational factors and incentives, such as the use of retirement assets as sources of investment resources and the creation of a favourable tax regime, have a limited impact on employer participation in supplementary pension provision programs. Consequently, prospects the development of non-state pension provision are primarily associated with an increase in incomes and increased competition in the labour market (labour demand). Participation of households in non-state pension provision is possible only in the long run, after meeting the priority investment objectives, such as for the rainy day savings, the purchase of expensive durable goods, etc. Increasing competition in the labour market would encourage employers to have a range of HR tools, including a social package with additional pension provision.

Использование механизмов государственно-частного партнерства негосударственными пенсионными фондами Российской Федерации

The purpose of this paper is to analyze investments of Russian non-state pension funds (NSPF) into financial instruments for public-private partnership (PPP) projects. The scope of the study refers to basic models of PPP, pension resources investment models using PPP and State regulations of investment pension resources in PPP projects. The theoretical framework of research relates to the Russian normative legal acts, regulating the activities of NSPFs and PPP applications, and works of foreign and domestic organizations and scientists in PPP, NSPFs and pension resources investment areas. The results of the study can be used by NSPFs, public and private partners to attract investment, Bank of Russia for oversight functions and federal authorities responsible for infrastructure projects realization.