In the economy of modern Russia, the question of the need for active participation of credit organizations in satisfying investment demand through the implementation of investment bank loans and project financing is becoming increasingly acute. Moreover, the presence of a high level of risks that universally accompany investment projects in Russia is one of the main constraining factors for the participation of credit organizations in investment activities, and also requires the development of methods for their regulation.
Project financing and implementation of investment projects for the modernization of the domestic economic base of production began to manifest itself as a resource for overcoming the crisis, from the second half of 2008. Analyzing the state of investment activity in the Russian Federation, its banking sector, as well as bank financing of investment projects in 2007-2011, we can say that the loans of domestic banks are not at a high enough level.
Bank loans account for 10.4% of the total investment structure. For example, bank financing for attracted funds received from the state budget, and also from the resources of higher organizations, indicated in the table as other, but, despite this, bank loans are still a leading source of economic growth. When assessing the positive qualities of lending, it should be noted strictly the targeted use of funds allocated for project financing.
When considering data on the volumes of long-term loans provided by banks of the Russian Federation to enterprises and organizations, it can be said that in the banking system there is a shortage of long-term resources for investment lending, so some loans granted for a period of more than 3 years are only 33.0%.
At the end of 2008, due to state support, significant amounts of financial resources were provided on a long-term basis to the leading banks of the Russian Federation (VTB Bank, Sberbank, Gazprombank, VEB), and they became the main ones in solving the problems of improving the economy. It is these credit organizations that issue about half of all investment loans to industrial and agricultural enterprises. In connection with the funds provided, the formation of free long-term resources in the banking sector was observed, however, only with state-owned banks, other credit organizations continued to experience difficulties in current liquidity, as well as suffer from a shortage of long-term liabilities.
The global crisis has exposed the totality of the problems of the modern banking system and economists call weak risk management systems as one of them. Since 2008, project financing in Russia has declined because the risks of the participation of credit organizations in investment projects have increased several times. Adverse events led to an increase in overdue loans. In the current economic conditions, commercial banks began to change their credit policy, tightening the requirements for borrowers to improve the quality of portfolios. At the same time, the primary task for banks was to manage the risks of financed and ongoing investment projects, for which anti-crisis measures were developed.
The experience of credit organizations in the field of crisis management should contribute to the development of new methods for reducing risks in the implementation of investment projects, which in general significantly advance the improvement of project financing.
Project financing, as well as a study of banking risks and management problems associated with it, is always relevant, due to the constant increase in the physical size and structure of risks that are generated during the work of a credit institution, and the complexity of products and services.