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Investment climate of the Tula region

02.07.2013

If you are interested in this topic, visit our online resource about investments in the Tula region. There you can get acquainted with the latest information on the economic, social and legal issues, on doing business and it's support, as well as find investors and partners: http://invest-tula.com/en/

You can also watch a presentation of the opportunities of the Tula region by clicking on a picture below:


Information on main parameters of Investment Fund of the Russian Federation activities

Investment Fund of the Russian Federation (hereinafter referred as the Fund) was established in January 2006 and in accordance with the Budget Code of the Russian Federation (hereinafter referred to as the BC RF) represents a part of federal budget funds which is subject to spend on implementation of investment projects on the basis of Public Private Partnership.

In execution of BC RF regulations by the decree of the Russian Federation Government No134 dated the 1st of March 2008 the Rules for forming and use of budgetary appropriations of the Fund, strengthening basic provisions on requirements for projects, selection procedure, decision-making by the Russian Federation Government on approval of project description, requirements for investment agreements determining mutual agreements and liabilities of the Project participants had been adopted.

Main goal of the Fund finance is support of priority state and regions specific investment projects by creating of transport, engineering or energy infrastructure of state or municipal importance which is crucial for such projects implementation.

Investment projects receiving state support on account of budgetary appropriations of the Fund must correspond to priorities of social and economic development of the Russian Federation or individual constituents of the Russian Federation, defined in Concept of long-term social and economic development of the Russian Federation until 2020 and other documents of strategic planning.

Selection of investment projects is performed on the basis of projects financial, budget, economic and social efficiency data which allows evaluating projects contribution into improvement of the most important factors of social and economic development of constituents of the Russian Federation, i.e. gross domestic (regional) products growth, additional revenues to the Russian Federation budget system, increase of employment level of employable population, increase of availability and quality of services provided to the population. Projects of the Fund are selected within public procedure envisaging their examination by Investment Committee responsible for selection of projects for granting budgetary appropriations of the Investment Fund of the Russian Federation and further selection by Government Committee for investment projects having federal, regional and inter-regional importance, and approval of project descriptions by decrees of the Russian Federation Government.

By the decree of the Russian Federation Government No 134 dated the 1st of March 2008 the Russian Federation Ministry of Regional Development is authorized to control and monitor the Fund projects implementation progress. With a view to this function performance the decree of the Russian Federation Government No 351 dated the 17th of May 2010 adopts the Provision on control and monitoring procedures for implementation progress of projects received budgetary appropriations of the Fund; this allowed creation efficient system of control and monitoring of projects (including field audits of projects), unification of report system for project participants, supplying objective and full information on Fund project implementation to the Russian Federation Government following the results of reports analysis and other control measures on a quarterly basis.

At present the decree of the Russian Federation Government No 815 dated 7th of November 2008 is in force; it specifies in more details the peculiarities of implementation of projects receiving subsidies from the Fund.

Within the frameworks of the Fund activity a close cooperation between development institute and state corporation "Bank of development and foreign economic activities (Vnesheconombank)" (hereinafter referred to as Vnesheconombank) exists. In accordance with par. 23-25 of Rules for forming and use of budgetary appropriations of the Fund Vnesheconombank performs functions of financial adviser of the Russian Federation Government and prepares reports on sufficient justification of project business plan forecasts (including marketing plans) and on projects pretending to budgetary appropriations of the Fund correspondence to the financial, budget and economic efficiency requirements.

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