Svetlana V. MALTSEVA - Professor, Department of Innovation and Business in Information Technologies, National Research University Higher School of EconomicsAddress: 20, Myasnitskaya Street, Moscow, 101000, Russian FederationE-mail: smaltseva@hse.ruPolina V. KOTELNIKOVA - Post-graduate Student, Department of Innovation and Business in Information Technologies, National Research University Higher School of Economics; Chief Inspector, Russian Accounts ChamberAddress: 20, Myasnitskaya Street, Moscow, 101000, Russian FederationE-mail: kotelnikovapolina@gmail.com This article presents an investment project model in the telecommunications sector using public-private partnership (PPP), making it possible to link the main project parameters (duration, volume of investments, fare, request) with the expected indexes of effectiveness. When considering the project parameters and indexes of effectiveness, interests of both the state and private company are taken into account.The modeling algorithm and criteria of performance evaluation are developed based on the standards approved for evaluation of investment projects with state participation, namely the Guidelines on performance evaluation of the investment projects approved by the Ministry of Economy, Ministry of Finance, State Construction Committee of the Russian Federation on June 21, 1999, No. VK 477. This paper assumes that the most important criterion for evaluation of project effectiveness of a private company is the maximum of the net present value of the project, meaning the excess of the total cash receipts over the total cost for the project with regard to disparity of the effects (costs and benefits) related to different moments in time. Therefore, the higher this index, the greater is the interest of a private company to participate in the project. It seems that from the standpoint of the state two factors are most important: the social significance of the project and minimum expenses of the state for implementation of the investment project under conditions of a limited capacity of spending budget funds. The social significance of the project is defined by expert study as the impact of the operational results on at least one of the domestic or foreign markets: financial markets, product and service markets, labor market, etc., as well as the ecological and social environment. The model makes it possible to calculate various scenarios to determine optimal project parameters ensuring maximum efficiency for a given limit on the amount of budget investments. The calculation results for the proposed model can be used to make decisions to participate in the project by the authorities or public development finance institutions. It is proposed to document the model used and its evaluation criteria in the rules of granting subsidies for such projects.