Features of the Legal Regulation of Project Finance in International Practice

Today project finance is one of the most popular ways to finance long-term and capital-intensive projects, but there is still no unified approach to understanding this institution. Present work does not pretend to develop a new universal concept of project finance. The main purpose of this wort is to identify the features of project finance as one of the ways to finance international projects with help of a comparative analysis of the regulation of this institution in different countries and at the international level. The research performed shows that even in the absence of a unified act in the field of project finance at the international level, its concept is generally similar both in international legal practice and at the level of national law of various states (law regulation is considered in countries such as the United States, Germany, China and Russia). So, its integral element is the creation of an SPV, and the source of repayment of SPV debt to creditors is the income from the implementation of the investment project. In Russia project financing is mostly used for capital-intensive projects that are of important social significance, which is appropriately enshrined in the legal regulation. Despite the fragmented nature of regulation, most of the acts in the field of both project finance and investment activities are devoted to issues of interaction between the state and individuals in the implementation of such projects. The main conclusion of the research performed is that the adoption of an international act will not be considered as groundbreaking and will not bring global changes in the regulation of project finance, but will help foreign investors and creditors better understand the regulation in the host state, setting a kind of framework or standards. As a result, the overall level of investment activity in terms of capital-intensive projects implemented on the basis of project financing will increase and lead to the growth of the world economy, which is especially relevant in such crisis moments as now.