Hybrid financing models for agrotourism in russia: evaluating the effectiveness of government programs and private investments (Case Studies of Krasnodar Krai and the Republic of Crimea)

Issue № 12, 2025, article № 7, pages 56-65

Language: Russian

Original language title: ГИБРИДНЫЕ МОДЕЛИ ФИНАНСИРОВАНИЯ АГРОТУРИЗМА В РОССИИ: ОЦЕНКА ЭФФЕКТИВНОСТИ ГОСУДАРСТВЕННЫХ ПРОГРАММ И ЧАСТНЫХ ИНВЕСТИЦИЙ (НА ПРИМЕРЕ КРАСНОДАРСКОГО КРАЯ И РЕСПУБЛИКИ КРЫМ)

Keywords: AGROTOURISM, HYBRID FINANCING MODELS, PUBLIC-PRIVATE PARTNERSHIP (PPP), PRIVATE INVESTMENTS, REGIONAL ECONOMY, SUSTAINABLE DEVELOPMENT

Abstract: This article presents a comprehensive analysis of hybrid financing models for agrotourism in Russia, focusing on Krasnodar Krai and the Republic of Crimea, to evaluate the effectiveness of government programs and private investments. The study is based on empirical data from 2020–2023, including key indicators such as profitability, payback periods, job creation, and tourist flow dynamics. The methodological framework incorporates multivariate regression analysis, expert interviews, and a review of regulatory frameworks, ensuring a holistic approach that accounts for institutional and external factors, including sanctions and climate risks. The results demonstrate that integrating government grants, subsidies, and public-private partnerships (PPPs) with private investments significantly enhances both economic and social returns. In Krasnodar Krai, this approach achieves a profitability rate of 20.1% with a 38% share of private investments, alongside the creation of 34.7 jobs per project and a 29% increase in tourist flows. However, significant regional disparities were identified: in Crimea, project approval processes take up to 68 days due to administrative barriers and sanctions, reducing overall efficiency and hindering sectoral development. The study emphasizes the need for digitalization in financial monitoring and management, as well as optimization of regulatory and administrative frameworks to increase private investment shares to 22–25% by 2028. The practical significance of this research lies in its policy and business recommendations, which aim to enhance investment attractiveness and sustainable development of agrotourism in Russia. These findings contribute to institutional economics theory and the discourse on sustainable rural development amid global instability.

Authors: Iliasova Elena Valerevna