ESSENTIAL CHARACTERISTICS OF STATE POLICY ON ATTRACTING INVESTMENTS AS AN INSTITUTION FOR THE DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIPS IN UKRAINE
DOI:
https://doi.org/10.32782/city-development.2025.4-15Keywords:
state investment policy, investment, public–private partnership (PPP), de-risking, state guarantees, infrastructure projects, Viability Gap Funding, post-war recovery, institutional mechanisms, digitalizationAbstract
The article reveals the essential characteristics of the state policy for attracting investments as an institution for developing public–private partnerships (PPP) in Ukraine, which plays a key role in ensuring the recovery and modernization of the national economy under conditions of war-related risks and limited budgetary resources. It is emphasized that state investment policy functions as a system of institutional norms, strategic priorities, organizational procedures, and financial incentives aimed at creating a predictable and secure investment environment for private investors, particularly in the field of infrastructure projects. The study highlights the role of de-risking policy, which encompasses instruments such as state guarantees, insurance of political and war risks, compensation mechanisms, and support for capital expenditures through Viability Gap Funding – all of which are essential to increasing the attractiveness of PPP projects in a high-uncertainty environment. The article analyzes the institutional mechanisms for implementing PPPs, including regulatory and legal frameworks, organizational management structures, digital tools, and standardized performance assessment procedures. It identifies the main functions of state policy (regulatory, coordinating, stimulating, risk-oriented, and innovation-driven), which together create a comprehensive environment for attracting private capital. The study substantiates key directions for improving investment policy in the post-war period, including the creation of a national de-risking system, harmonization with European standards, development of digital investment management platforms, and the transition to a portfolio-based approach in the preparation of PPP projects.
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