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medications at home; nearly 19,000 deliveries were made, representatives of the authorized organization noted a significant increase in medication shipments, and members of the public left more than 100 positive comments about the project. As a consequence, the delivery of medicines was recorded as a socially significant project for further implementation in Primorsky Krai (Decree of the Primorsky Krai Government No.819-pp of December 2, 2022), which is an example of scaling the practices developed in the framework of the project after its completion.

The second project was dedicated to social protection. Postmen helped identify low-income families living in remote areas for social contracts that would enable them to start their own businesses, develop a smallholding farm, or learn a new profession. The project target was to conclude at least 270 social contracts with low-income families with children[55] and to identify at least 100 additional low-income families with children.

Diagram 3. Social impact projects: completed projects

The project parameters were determined before the COVID-19 pandemic, so the projected number of low-income families with children was higher than the number of those registered with the social protection agencies. The introduction of additional support measures by the federal and regional government resulted in a massive demand for the support, independently from the project. The number of families with children registered with the social protection agencies as low-income had increased by almost 50 % by January 1, 2021 in the pilot areas of the project. To reduce the risk of missing the project targets, considering the change in external factors, the project duration was extended and its pilot area was increased.

For better results, mail carriers visited more than 13,000 families and surveyed more than 800 families to see if they met the criteria for a social contract. Interestingly, as a result of this massive campaign, the implementation of social support measures also involved other categories of citizens, not originally included in the target audience. Information about more than 100 residents eligible for support in the form of a social contract was submitted for consideration to the social protection authorities to decide; this was an additional effect of the project.

Despite the changes in the implementation conditions, Russian Post managed to identify 114 low-income families with children to receive state support. With the help of Russian Post, 349 social contracts were signed with families with children, which is 29 % above the project's target.

The implementation practice of the first three social impact projects confirms the effectiveness of a flexible approach in social impact projects, allowing the activities to be adapted to the dynamically changing environment. This flexibility requires a high degree of professionalism and involvement from all project participants. However, the results are worth the effort.

PECULIARITIES OF SIP DEVELOPMENT IN RUSSIA

Social impact projects are an adaptation of the SIB tool, so let us consider the peculiarities of social impact project development in Russia compared to the foreign practice. A total of 276 SIBs have been launched worldwide in 38 countries (including Russia), which raised more than $739 million in investment.

In less than 4 years of implementation, 10 social impact projects have appeared in Russia. The figure for the entire world (including Russia) in the same period is 102 SIB projects; that is, Russia accounts for 10 % of all the projects launched during this period. At the same time, if we consider the 5 countries with the greatest number of SIB projects in the first 4 years of implementation, Russia's practice is at a comparable level (Table 1[56]).

The average investment in SIB projects is 3.7 million U. S. dollars (about 250 million rubles at the average dollar exchange rate in 2022). The average volume of investment in projects in Russia is 38 million rubles. It is incorrect to compare the average volume directly due to differences in the number of social beneficiaries, areas of project implementation, price levels and other components. At the same time, the average cost of implementing projects may reflect the investors' willingness to fund projects that do not guarantee a return on investment (if the social effect is not achieved).

Table 1. Top 5 countries by the number of SIBs in the first four years of implementation

Source: Compiled by the author on the basis of Impact Bond Dataset

Foreign projects usually have several investors — a sample analysis has shown that about a quarter of all projects have a single investor (including that combining the finances of several persons), about a third of projects have 2–3 investors, and more in the rest of the cases (up to 9 investors in one project). In Russian practice, all projects have a single investor (project organizer, according to the Russian law). The development of tools aimed at the participation of several investors in one project can help to attract new investors and increase the potential volume of investment. Investor involvement can also be synchronized with the corporations' ESG agenda, given the direct focus of social impact projects on the assessment of social effects (for example, the presence of a direct measurable social effect is one of the key principles of VEB.RF's ESG strategy[57]).

Analyzing foreign practice, it is worth noting the presence of investors regularly contributing to SIB projects. Analysis of the Impact Bond Dataset showed that there are more than 20 investors (from the available list of more than 360 organizations) who have invested in 10 different projects or more. These include social/impact and charitable foundations (e.g., Big Society Capital, with 38 projects), as well as major banks (BNP Paribas, Deutsche Bank), pension funds and insurance organizations.

The average project implementation time in Russia is also different from other countries — 31 months on average (from 18 up to 40 months), compared to 48 months abroad[58]. The increase in project duration can increase the costs of project implementation in terms of subsidy payment to the organizer