Institutional aspects of development of regional PPP Projects

Abstract

The relevance of research into institutional aspects of public-private partnership (PPP) is evidenced by the continuously increasing role of research-and-technology, information technology, territorial and socioeconomic factors of influence on the development and implementation of regional PPP projects aimed at improving social welfare and accelerating the rate of socioeconomic development of Russia's regions. Systemic impact of technical, technological, territorial and socioeconomic factors stipulates the need for the development of institutional environment of PPPs, which implies taking measures for protecting private investments and interests of private investors. This impact also predetermines the necessity to improve the currently existing institutional models of informational-legal base that ensure integration processes of managing PPP projects, with taking into consideration of regional differences and excess investment risks. In this regard, the present paper is aimed at detecting problems of development of PPP's institutional environment at the regional level. The solution of these problems will allow elaborating models of institutional environment having integrated legal and regulatory framework, transparent and intelligible procedures and standing orders that are necessary when implementing complex socioeconomic projects of public importance for the development of regions. The authors of the paper have defined the role of institutional environment of public-private partnership (PPP) and municipal public-private partnership (MPPP) in the development of a region. The paper provides the results of generalized analysis of factors of development of institutional environment and regulatory-legal framework at the regional level. There were defined problems entailing the performance risks concerning the support of regional projects by public partners and risks of integrated models of interagency interaction at the stages of elaboration, selection and making decisions on implementing PPP and MPPP projects, performing measures of control, maintenance, monitoring and maintaining a register of PPP projects. The results of the research given in the paper are of applied importance for both academicians and practical workers, especially in using the assessments of a development level of institutional environment and legal framework when preparing or implementing projects on improving a region.