Analysis of Participation of Banking Institutions in the Strategic Development Programs of the Russian Arctic
The article examines the issues of financing the development of the Russian Arctic territories and the participation of banking structures in this process. A set of strategic documents for the development of the Arctic zone of the Russian Federation is considered, the dynamics of approved amounts of...
| Published in: | Arctic and North |
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| Main Authors: | , |
| Format: | Article in Journal/Newspaper |
| Language: | English Russian |
| Published: |
Northern Arctic Federal University
2020
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| Subjects: | |
| Online Access: | https://doi.org/10.37482/issn2221-2698.2020.41.5 https://doaj.org/article/9a82b96eacea402081a6e342328c1103 |
| Summary: | The article examines the issues of financing the development of the Russian Arctic territories and the participation of banking structures in this process. A set of strategic documents for the development of the Arctic zone of the Russian Federation is considered, the dynamics of approved amounts of funding for Arctic development programs are analyzed, and the structure of sources of financing for investment in fixed assets in regions whose territory belongs to the Arctic zone of the Russian Federation is studied. It is concluded that banks are not sufficiently involved in investment activities in most of the Arctic regions (except the Yamal-Nenets Autonomous Okrug, where the active role of banking institutions is due to participation in the financing of large gas and oil production projects in the Northern part of the region), and in recent years, foreign banking structures decline investment activity. The article describes the prospects of participation of the largest Russian banking structures in implementing large-scale projects in the Arctic, such as VTB Bank, Sberbank of Russia, and Gazprombank. The analysis of the possibilities of concentration of banking capital, as well as the use of mechanisms of public-private partnership based on the creation of a single financial institution with state participation is performed. The most effective form of improving the efficiency of financial flows management in the framework of strategic development of the Arctic territories can be the creation of The Bank for reconstruction and development of the Arctic. |
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