The role of development institutions in building up investment resources of old industrial territories

This paper is devoted to the study of problems of building up the investment potential of old industrial territories as a necessary condition for transition of the Russian economy to an innovative development path. The relevance of the work is due to the lack of investment resources in the public sector sufficient to solve the tasks. A hypothesis has been formulated and confirmed about the fact that one of the main ways of ensuring the innovative development of the Russian economy, its industries, subjects and municipalities is the combination of state and business financial resources. As an instrument for solving this task, the paper considers creation of specialized organizations with state participation – development institutions and the use of public-private partnership (PPP) mechanisms. The purpose of the paper is to clarify the role of development institutions in building up the innovation potential of territories, including those belonging to the old industrial ones, creating conditions for building infrastructure that provides access for venture companies to necessary resources, primarily financial ones, and using PPP mechanisms in their activity. Results. Some theoretical foundations are cleared up and a classification of development institutions is given; the analysis of the current state of formation and functioning of development institutions in Russia is carried out. The author’s approach to evaluating the effectiveness of their functioning is proposed. Much attention is paid to the development and expansion of opportunity for using development institutions for the purpose of implementation of projects to develop technogenic deposits. As a thesis of scientific and practical importance, the opinion is substantiated that the evaluation of effectiveness of investment projects should be carried out with consideration of multiplicative effects as a result of their implementation. The results of the study are obtained based on methods of comparative analysis and comparison of the accumulated experience in various regions of Russia. The study allowed the authors to draw several conclusions that development institutions and PPP mechanisms are a promising way to solve the problems of innovative development of the economy and can be effectively used to substantiate the prospects for the development of mineral resources of raw materials areas and the development of technogenic deposits of old industrial regions