Науковий вісник НГУ

Formation of institutional model of project financing in Ukraine

• 
• 

User Rating:  / 0

PoorBest 

Details

Category: Content №3 2021

Last Updated on 23 June 2021

Published on 30 November -0001

Hits: 4466

Authors:

M.I.Zvieriakov, orcid.org/0000-0003-0039-5068, Odesa National Economic University, Odesa, Ukraine, email: This email address is being protected from spambots. You need JavaScript enabled to view it.

D.V.Zavadska, orcid.org/0000-0003-2950-554X, Odesa National Economic University, Odesa, Ukraine, email: This email address is being protected from spambots. You need JavaScript enabled to view it.

повний текст / full article

Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2021, (3): 155 - 161

https://doi.org/10.33271/nvngu/2021-3/155

Abstract:

Purpose. Substantiation of the formation of the mechanism of project financing for solving issues of financial maintenance of infrastructural projects of innovative development in Ukraine.

Methodology. The information base of the research is legislative and normative documents and results of scientific achievements of leading foreign and domestic scientists. The following methods, such as analysis and synthesis; comparison and systematization; observation; graphic, tabular; logical generalization are used.

Findings. According to the results of the research, it is proved that to ensure sustainable economic growth and diversification of Ukraines economy, the importance of institutions for development and use of such a multi-instrumental form of reproduction of real investments as project financing, becomes actual. Based on the system approach, the features, elemental composition and subsystems of the project financing mechanism are determined. It is established that the current legislative basis for the formation of the project financing mechanism in Ukraine is fragmentary and needs further development. It is proved that the implementation of measures of state stimulation of the processes of financing the innovative development of Ukraines economy will be facilitated by the adoption of the Laws of Ukraine On The Bank of Development, On Syndicated Loan and the proposals for the formation of project financing developed in the research.

Originality. For the first time, a comprehensive theoretical approach to the formation of the project financing mechanism in Ukraine has been implemented. The need is substantiated for highlighting such subsystems of the mechanism as providing subsystem (institutional environment of which is legislative support and regulatory bodies), transforming subsystem (financial instruments and participants of which are the Bank of Development, international financial organizations, banks, institutional investors, development institutions, project sponsors) and performance subsystem (financial resources in the required amounts, currencies and terms). The effective operation of the proposed mechanism helps to overcome the shortage of long-term financial resources needed for lending support of innovative enterprises that implement large-scale and capital-intensive investment projects and programs of national importance.

Practical value. Introduction of the mechanism of implementation of the program for supporting the project financing development will allow accumulating considerable amounts of financial resources from various sources on a long-term target basis; increasing the level of investment and the number of innovative projects; reducing the total cost of funding and risks through their redistribution among participants of the project.

Keywords: institutes of development, innovative project, financial instruments, project financing, innovative development

References.

1. Zeldina, O. (2020). The concept of investment-innovative model in the conditions of sustainable development of the economy of Ukraine. Entrepreneurship, Economy and Law, 7, 83-88. https://doi.org/10.32849/2663-5313/2020.7.14.

2. Filipova, N.V., & Starchenko, H.V. (2019). Public-private partnerships as a financial mechanism of providing innovative development of the national economy. Infrastruktura rynku Market Infrastructure, 33, 125-132. https://doi.org/10.32843/infrastruct33-18.

3. Muzkher Khussein & Muzkher Marvan (2019). Problems and prospects of public policy development in the field of bank project financing. Investments: Practice and Experience, 23, 151-156. https://doi.org/10.32702/2306-6814.2019.23.151.

4. Olshansky, O., & Kharenko, S. (2018). Project finance in Ukraine: overview/Thomson Reuters. Practical Law (electronic information portal). Retrieved from www.practicallaw.com/projectfinance-guide.

5. Chirkunova, E., Kireeva, E., & Kornilova, A. (2016). Research of instruments for financing of innovation and investment construction projects. Procedia Engineering, 153, 112-117. https://doi.org/10.1016/j. proeng.2016.08.089.

6. Gurara, D., Presbitero, A., & Sarmiento, M. (2020). Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending. Journal of International Money and Finance, Elsevier, 100(C), 1-18. https://doi.org/10.1016/j.jimonfin.2019.102090.

7. Gatti, S. (Ed.) (2018). Project Finance in Theory and Practice. Designing, Structuring, and Financing Private and Public Projects (3^rd Ed.). Academic Press. https://doi.org/10.1016/C2016-0-01618-2.

8. Raikar, S., & Adamson, S. (2020). Renewable Energy Finance. Academic Press. https://doi.org/10.1016/B978-0-12-816441-9.01001-1.

9. Clews, R.J. (2016). Project Finance Structures and Techniques. Project Finance for the International Petroleum Industry. Chapter 2, (pp.23-42). Academic Press. https://doi.org/10.1016/B978-0-12-800158-5.00002-5.

10. Stuart, I. Greenbaum, Anjan, V. Thakor & Arnoud, W.A. (Eds) (2019). Special Topics in Credit: Syndicated Loans, Loan Sales, and Project Finance, Boot, Contemporary Financial Intermediation (4^th Ed.) Chapter 9, (pp. 205-214). Academic Press. https://doi.org/10.1016/B978-0-12-405208-6.00009-7.

11. Verkhovna Rada of Ukraine. Legislation of Ukraine (n.d.). Retrieved from https://zakon.rada.gov.ua/.

• < Prev
• Next >