Alexandra L. Mashkova, Olga A. Savina, Natalya Y. Tarasova, Sergej A. Lazarev, Optimization of Participation Financing of Investment Programs with the State Support, Journal of Engineering and Applied Sciences, Volume 11,Issue 14, 2016, Pages 3298-3303, ISSN 1816-949x, jeasci.2016.3298.3303, (https://makhillpublications.co/view-article.php?doi=jeasci.2016.3298.3303) Abstract: In the study are considered questions of mathematical modeling and algorithmization of the economic programs investment. We offer a system of indicators of efficiency of investment projects from the point of view of federal and regional importance and assessment of their feasibility. Investors are grouped in clusters depending on their attitude towards investments put into the project: own, borrowed commercial or state funds. We construct algorithms for investment decision-making by various groups of investors and the general algorithm of investment of the economic program. Keywords: State financing;decision-making;investment program;cluster;Russia