The Main Prerequisites for Sectoral Financial and Credit Cooperation Between Territorial Communities, Objects of the Nature Reserve Fund of Ukraine, and Environmental-Oriented Entrepreneurs: Theoretical Aspects

Abstract

In the context of the decentralisation reform, the objects of the nature reserve fund have an outstanding potential for the economic and environmental development of territorial communities and promotion of the region on the national market. The purpose of the study is to develop theoretical and methodological provisions regarding the development of mechanisms for cooperation between territories and objects of the nature reserve fund of Ukraine, territorial communities and financial institutions, the development of stable intersectoral relations and the emergence of new vectors of economic activity that would meet the modern needs of society. The method of quantitative literature review (meta-analysis) was used during the investigation of the practice of financial and credit cooperation between territorial communities, state authorities and administrations of protected areas. Using the systematisation, destructive factors were identified and the main conflicts of regulatory, economic and organisational nature were identified, which can weaken and slow down the latest transformations in the post-military economic space of Ukraine, especially in terms of financial and credit cooperation with banking and other financial institutions. Using the comparison, the main vectors of cooperation between eco-oriented representatives of the private sector of the economy and financial institutions, which are typical for EU countries, and the possibilities of their implementation in the national economic system were identified. The study suggests using commercial lending tools to develop the economic potential of protected areas and innovative forms of business management. Lending is considered as an industry-specific institution of financial support for environmental-oriented entrepreneurs who carry out their economic activities in protected or adjacent territories. As a result of the conducted research, the essence and role of financial institutions, in particular credit unions, in the system of balanced economic and ecological development of protected areas and environmentally oriented economic activities are determined. Mechanisms for the establishment of protected areas as subjects of market relations that have investment attractiveness for various sectors of the national economy are proposed. It is proved that the economic and environmental development of protected areas requires constant extra-budgetary investment flows, through cooperation not only with environmental-oriented entrepreneurs but also with financial institutions. The establishment of a system of cooperation between institutions of the nature reserve fund, banking and other financial organisations, representatives of business groups, state authorities and territorial communities would ensure the development of a favourable investment environment for eco-business, the comprehensive development of the ecosystem “man-nature-business” and the emergence of new vectors of economic and environmental inclusion in the regions, the establishment of nature reserves and other protected areas as socio-economic and cultural hubs