ФІНАНСУВАННЯ ІНФРАСТРУКТУРНИХ ПРОЄКТІВ ТЕРИТОРІАЛЬНИМИ ГРОМАДАМИ

Abstract

As a result of the armed aggression against Ukraine and the systematic destruction of the infrastructure throughout the country, territorial communities face the issue of rebuilding destroyed infrastructure facilities in the post-war period. In the conditions of limited financial resources, the principal attention will be paid towards individual projects that finance the restoration of critical infrastructure, which is necessary for the life and livelihood of the community, so some projects may remain unfunded by the local authorities. The article examines the main instruments of financing infrastructure projects by the territorial communities at the expense of the private investors. The purpose of the work is to analyze the main instruments of financing infrastructure projects by territorial communities and to determine effective ways of attracting financial resources. It has been proven that when choosing directions for financing infrastructure projects, different levels of the hierarchy of the infrastructure objects of the "smart territorial community" should be taken into account. The hierarchy proposed in the work will allow for determining the priority of financing infrastructure projects to achieve sustainable development of the territorial community. Taking into account the current trends in the EU and European integration processes in Ukraine, it is recommended to introduce "green" bonds, which are an innovative financial instrument for mobilizing resources from local and international capital markets for the implementation of the projects that create environmental benefits for the territorial community, region, and country. The use of innovative financial tools, such as financial engineering, is proposed, which allows for effective fundraising not only through securities, but also through project financing and public-private partnerships. It has been proven that although grants provide funds on a non-refundable basis, such funding has certain limitations, so in most cases (unless otherwise determined by the features of a specific project), project funding will be a more effective way of attracting funds.