6. Conclusion
The financial strategy presented in this paper is based on the life cycle of the project that uses the Project Finance approach, takes into account the specific financial features of projects in the highway infrastructure, as well as the PPP conditions of the implementation of these projects. The purpose of the financial strategy is the provision of capital for the objectives of each stage of the project implementation from the most appropriate source with the most appropriate financial instruments. The capital from different sources should be applied with suitable financial instruments at the most appropriate time during the life cycle of the project. The strategy creates a positive credit history and balance of the benefits and costs associated with debt financing. For adjustment of the financial strategy, we suggest using the algorithm of the funds' source selection which helps to make a choice in favor of a source on the basis of several criteria and is aimed at the minimization of costs for debt service.
The proposed strategy can be used as a typical financial strategy for the project company to raise capital for PPP projects in highway infrastructure. The use of the typical financial strategy that has already passed the preliminary study and preparation allows taking into account the typical features of the highway infrastructure projects and gives the opportunity to optimize the amount of capital expenditures of the project, and to substantiate the capital structure more thoroughly. It facilitates the process of its preparation and settlement of disputes between the partners, thereby reducing costs and time of the conclusion of the agreement.
The next step of this study will be the following: the analysis and generalization of practical experience of project companies to attract capital and the comparison of the efficiency of the proposed strategy and the one applied by the project company in practice based on the data of this project. Such study would help to fit the obtained results with the actual conditions of the project implementation.