Європейські міжнародні фінансові організації – інвестори реального сектору економіки України

Introduction. Ukraine's cooperation with regional economic organizations is a key factor in the integration of states into the world economic space and strengthening its international status as one of the leading states of Central and Eastern Europe. In modern conditions of globalization and regionalization of international relations, regional organizations, such as the European Union (EU), the Organization for Democracy and Economic Development - GUAM, the Organization of the Black Sea Economic Cooperation (BSEC), as well as international financial institutions of a regional nature (EBRD, EIB, BSTDB), act as advertising partners. Ukraine. Legal support for cooperation with them is implemented at two levels: international (through international treaties, agreements and membership in relevant organizations) and national (through legislative consolidation and adaptation of norms to the Ukrainian legal space). These processes require detailed scientific analysis and development of practical recommendations to increase their effectiveness. The presented publication is dedicated to the search for relevant ways to solve the problems of international legal support for the development of Ukraine's cooperation with regional economic organizations. Summary of the main results of the study. In the course of the study, the author analyzed the international legal foundations of the functioning of regional financial organizations. Regional financial organizations (RFOs) are created on the basis of multilateral international agreements that are binding on the participating states. They are endowed with the status of international organizations. The most significant RFOs cooperating with Ukraine include: the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Black Sea Bank for Trade and Development (BSDT). Ukraine's cooperation with the RFO operates on the basis of: multilateral founding treaties, bilateral agreements (for example, the Framework Agreement with the EIB), national legislation (the Law of Ukraine "On International Treaties of Ukraine"), etc. The created legal conditions provide for: compliance with the principles of the rule of law, transparency, and the fight against corruption; granting RFOs immunities and privileges; guarantees of the proper use of financial resources. We have analyzed the main problematic issues and gaps in the international legal support of Ukraine's cooperation with the RFOs, identified the main problems and possible ways to further improve the legal support of such cooperation. The author includes the following problematic aspects: bureaucratic barriers and low efficiency of the use of funds; insufficient harmonization of national legislation with international standards; difficulty in ensuring transparency and anti-corruption control. Among the promising areas of work to improve Ukraine's cooperation with the RFOs, the author identifies the following: intensification of cooperation within the framework of the post-war reconstruction program ("Rebuild Ukraine"); involvement of the RFOs in "green" and digital projects; creation of a single coordination body in Ukraine for interaction with international financial institutions. Conclusion. Regional financial organizations are a number of international legal entities that form a modern system of economic governance. For Ukraine, cooperation with the EBRD, EIB and BSEC is of strategic importance, providing financial support, reconstruction and integration into the European economic space. The international legal support of this cooperation is based on founding treaties, bilateral agreements and national legal acts. At the same time, the effectiveness of interaction depends on internal reforms, determination of legal quality and the fight against corruption. In the future, Ukraine should strengthen its legal status in relations with the Russian Federation, ensure the effective use of international resources, and expand the scope of cooperation for successful post-war reconstruction and integration with the EU.

The article substantiates that financial and credit instruments are an effective means of overcoming the capital deficit, providing accelerated financing of the construction of critically needed infrastructure facilities, which contributes to improving access to public services, creates conditions for the economic activity of enterprises and contributes to solving a wide range of problems with local self-government bodies face. The authors single out financial and credit instruments for financing local economic development, in particular: bond loans, bank loans, loans from international financial organizations, local guarantees, a revolving fund and crowdfunding. It was determined that the main areas of socio-economic development of regions and cities, which are financed with funds from municipal bond loans, are education, transport, communal economy, environmental protection, social security, industrial development, construction of highways, bridges, tourist infrastructure and facilities sphere of services. Particular attention was paid to lending, in particular the “Affordable 5-7-9” program, which allowed business entities to obtain the necessary financial resources for existence, because such programs contribute to the creation of jobs and increased tax revenues; however, their effectiveness depends on the availability of sufficient financial resources at the local level and access to them by entrepreneurs. The research analyzed the segment of commercial banks that were actively involved in lending to business entities in terms of providing loans to cover working capital needs, which is important for maintaining the company’s liquidity. The proposed measures are aimed at increasing the efficiency of financial management at the local level and ensuring sustainable development through the attraction of credit resources. The directions of attracting financial resources from foreign countries, banks and international financial organizations for the implementation of investment projects, in particular by the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, the German Credit Institution for Reconstruction and the European Investment Bank, were analyzed, and it was determined that the funds of such organizations are financed investment, innovation, infrastructure and other support, restoration and development projects that are of strategic importance and contribute to access to long-term financing and increase the stability of the energy system. It is substantiated that the revolving fund is an innovative mechanism that feeds the economy of the region, and the importance of c

The purpose of the article is to assess the practice of attracting international sources of financial support for public transportation at the regional level, to identify problems with insufficient effectiveness of the implementation of international financial support projects and the formation of solutions at various system levels. It is determined that the main sources of financing of transport entities are self-financing, lending, state and international financial support. The preconditions for the use of credit funds of international financial donors for financing public transport and the conditions for lending to transport entities are described. Peculiarities of public transport lending by way of implementation of the project "Ukraine Urban Public Transport" are analyzed, and it is highlighted that its purpose is to realize the strategic priorities of the transport industry, institutional reforms and informatization. It is clarified that the responsibility for the performance gaps under the project, defined in the assistance agreements, is allocated to the City Councils and / or public transport entities. An assessment of international financial support is made and the reasons for short receipt of funds by transport companies from international financial organizations are specified. The amount of losses on incomplete implementation of the plan of expenditures and provision of credits for the realization of projects in the transport sector of Ukraine is clarified. Inefficiency in finding additional sources of financing of the project "Ukraine Urban Public Transport" is justified due to the impossibility to allocate financial responsibility to a certain project group in case of delay in non-implementation of the project plan at all levels. The organizational and financial mechanism of providing international financing for urban public transport by the European Investment Bank is proposed. It is argued that the mentioned mechanism, in contrast to the existing ones, identifies control points for the flow of financial resources, which provides an opportunity to suggest ways to intensify control activities by observers of the European Investment Bank and the public. The main disadvantage of receiving financing from the European Investment Bank in the framework of the project "Ukraine Urban Public Transport" is identified: obligations to pay VAT to the State budget are allocated to the business entity of the transport sector. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. The need for coordination of bodies of state supervision at the regional level with the observers' control activity is identified to promote the efficient and meaningful use of international financial sources by economic entities in the transport sector. It is proposed to supplement the state and supranational control with public control functions through the following options for establishing cooperation: 1) interaction of public councils at local self-government bodies with independent observers of international organizations involving auditors of the Accounting Chamber; 2) control of the process of implementation of the credit project of important infrastructure projects, including public transportation, by public organizations of the regional level. Methodology. In accordance with the purpose, the following research methods were used: a systemic approach (in identifying the components of the organizational and financial mechanism of international financial projects and their relationship), methods of comparative and statistical analysis (in assessing the receipt of financial resources from international financial sources). Results. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. Practical implications. Improving efficiency of using the international sources of financial support at the regional level will contribute to the renewal of the rolling stock of urban public transport, ensure its sustainable operation and development, save jobs at utility enterprises, increase revenues of utility enterprises from the provision of transportation services to the population. Value/originality. The organizational and financial mechanism for providing international financial support for urban public transport by the EIB has been developed, which, unlike the existing ones, identifies control points for grant flows, providing an opportunity to suggest ways to intensify control activities by the EIB observers and the public.

The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs) increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i) equity financing and/or loans for private sector projects, (ii) investment guarantees against political risks (or non-commercial risks), (iii) technical assistance, and (iv) advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i) the World Bank Group, (ii) the European Bank for Reconstruction and Development (EBRD), (iii) the Asian Development Bank (AsDB), (iv) the Inter-American Development Bank (IDB), and (v) the African Development Bank (AfDB). A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt Icelandic companies but also put Iceland’s economy in jeopardy. This is especially the case with large energy investments with long repayment periods. In addition to the specific case of Iceland, the discussion in this article could also be relevant to other small states which do not have the same leverage as do large states in the event of a dispute with the host governments, making partnership with IFIs more feasible in emerging markets.

The state of the Ukrainian transport industry is characterized by a decline in passenger transportation, a critical level of financial support and tariffs for transportation services, a high degree of physical and moral deterioration of fixed assets. Self-financing is determined to be the main domestic source of financial security, and external sources include international support, credit and government support for transport industry entities. In a crisis, the transport industry needs substantial state support by creating conditions for cheaper credit resources, organizing public-private partnerships and micro-credit activities. The dynamics of internal sources of financing of the enterprises of the transport industry, which testify to the unprofitable activity of economic entities, are analyzed, although the indicators of the net income of the economic entities of the transport industry in Ukraine show steady growth. It is determined that the deterioration of the main means of state-forming economic activities of the country affects the competitiveness, slowdown of economic and social indicators of development of Ukraine, the level of technological risks and the burden on the ecological state of the environment. The structure of gross value added is analyzed, which shows the necessity of introducing the measures to reform the system of state and regional government, introducing new technologies, finding ways to attract investment in the development of this important sector of the economy. It is proved that one of the ways of development of the transport industry is to attract credit from the European Bank for Reconstruction and Development, the European Investment Bank and other international financial institutions. Such cooperation opens the opportunities for solving a number of problems for Ukrainian utilities and local self-government bodies. Ensuring the accelerated economic development of Ukraine is possible only if the efficient use of transport infrastructure as the main component of the national transport system and its dynamic development will take place.

The article presents the results of the analysis of the current state of financial and credit relations between Ukrainian economic entities and the European Bank for Reconstruction and Development (EBRD). Currently, this issue is becoming surprisingly relevant for Ukraine, due to the lack of domestic financial resources, and therefore there is a need for active development of cooperation with this international financial institution in the context of resource support of expensive national projects. The purpose of the article is to conduct a study of current areas of cooperation between Ukraine and the European Bank for Reconstruction and Development, their current status and possible prospects. There are substantiated the guiding principles of the organization of mutual cooperation of the EBRD with private and state economic entities during support of the transformation processes in Ukraine. Prospects for further development of cooperation with the European Bank for Reconstruction and Development are analyzed. To emphasize the importance of the role of the EBRD, there are given specific examples of successful projects, which are implemented with the financial support of the bank. Were identified the industries to which the vast majority of financial resources are directed and also was analyzed the dynamics of lending for the last 6 years. There is noted a reorientation of the target direction of loans for the implementation of infrastructure projects in comparison with the projects of other industries for the last period. Examples of refusals to finance projects are given and their reasons are analyzed. Was made an analysis of the dynamics of obtaining credit resources from the European Bank for Reconstruction and Development in quantitative and cost terms. Were identified the directions of the impact of the EBRD's cooperation with Ukraine on key areas of the national economy and also was provided an assessment of the potential benefits from the implementation of planned projects. It is proposed to create an advisory group of highly qualified banking specialists who carry out preliminary evaluation of projects and provide recommendations on their compliance with EBRD requirements. Based on the assessment of the current state of Ukraine's cooperation with the EBRD, expectations and forecasts were formed regarding its potential opportunities for development in the near future.

The European Investment Bank Complaint Mechanism (EIB CM) reviews complaints about acts or omissions of the European Investment Bank (EIB) for non-compliance with the EIB’s obligation and proposes corrective solutions. This article analyzes the potential and limitations of the EIB CM as an accountability mechanism. It reviews the EIB CM’s case law related to the environmental and social impacts of financed projects and makes comparisons with the operating documents of the accountability mechanisms of other development banks. The analysis indicates that, despite several shortcomings, the complaints review of the EIB CM has significant potential.

The European Investment Bank (EIB) has been at the vanguard of public-private partnership (PPP) promotion and has been followed by most regional development banks (RDB) and many national development banks around the world. EIB activism on the promotion of PPPs can best be understood through the lenses of policy and norm entrepreneurship. Operating strategically, the EIB repeatedly created a ‘policy window’ through which to promote PPPs in different contexts. The EIB developed unrivalled PPP expertise among public bodies globally—with the possible exception of the United Kingdom Treasury. While the EIB was potentially motivated by ‘rationalist’ institutional goals, ideational considerations motivated a small group of British and Irish norm entrepreneurs to promote PPPs. The EIB promoted PPP usage to other RDB through the sharing of expertise and the joint financing of projects.

The aim of a paper is to examine EIB activities in financing, advising and promotion of PPPs in EU member countries. Research is based on data gained from published by EIB materials and statistics. PPPs are much more complicated in legal, social, political, economical sides than projects conducted traditionally by public sector. Moreover high level of capital intensity of infrastructure assets is a stumbling block to gather the whole amounts to cover investments, mainly in form of loans. Banks become one of the main partners, and at the same time decision makers in PPP projects. A high level of risks in PPP projects combined with high level of capital intensity eliminates small, local banks leaving in the field big commercial banks and multilateral institutions, like as World Bank Group, Asian Development Bank, or in Europe European Bank of Reconstruction and Development and European Investment Bank (EIB). EIB is both a bank and a public institution. Together with loans EIB also offers advisory and technical assistance which can help projects to maximise value for money. As a unique financial institution EIB plays a catalytic role in promoting sound and important projects towards EU policy. The main task of EIB is to contribute towards the integration, balanced development and economic and social cohesion of EU Member States. EIB plays very crucial role in PPP development in EU, specially in countries with not very sophisticated financial markets. It seems that EIB is the biggest supplier of funds to finance PPP in European market.

The 25th session of the Conference of the Parties to the UNFCCC in Madrid called for the full operationalisation of the Paris Agreement. Europe is committing to green its policies both within and beyond the European Union (EU). Boosting green finance will be critical. European top financial institutions such as the European Central Bank (ECB), the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), which are in a position to advance the European agenda, are joining the battle to curb climate change. This decision follows calls for a Climate Bank at the European level and the recommendation by the High-Level Group of Wise Persons that the EU should adopt a common approach to its external financial architecture and establish a single entity, the so-called European Climate and Sustainable Development Bank. Although global climate financing has increased by 60% over the period 2013-2018, this is not enough. Besides, more resources should be dedicated to climate adaptation, which has been neglected, in particular by European finance institutions. Multilateral Development Banks (MDBs), including EIB and EBRD, allocated only 30% of their 2018 climate financing to adaptation. EBRD and EIB allocated as low as 11.8% and 7.6% respectively to adaptation in developing countries. The consequences of climate change, including droughts, floods, plummeting biodiversity and the loss of human lives, are undermining low-income and fragile countries’ development prospects. EU efforts to boost its climate action and finance should encompass not only the vital mitigation endeavour, but also greater attention to climate adaptation, as a means to foster climate justice and to achieve the SDGs also in low-income countries, and in Africa in particular. The new European Green Deal will have to live up to this challenge.

Introduction. Improving the quality of medical services and raising the effectiveness of the operation of the subjects of the medical system of Ukraine requires intensifying innovation, which needs significant investments. So, the application of qualitative methods for analyzing the efficiency of such projects is of great importance.Problem Statement. Scholarly research and methodological framework and practical recommendations deal with the identification of problem areas and aspects of the implementation of innovation and investment projects at healthcare institutions in Ukraine.Purpose. The purpose is to comprehensively analyze and to identify the problematic aspects of the implementation of innovation and investment projects by healthcare institutions and to determine the measures to address them as well as to increase the effectiveness of the innovation. Material and Methods. In the course of the study, the method of economic and mathematical modeling has been used to perform a composite analysis (using the weighted average method) of the effectiveness of the implementation of innovation and investment projects by the example of healthcare institutions.Results. It has been established that the efficiency of the implementation of innovation and investment projects at healthcare institutions of Ukraine is satisfactory, but such components as the financial and economic sustainability of the project and the quality of intellectual and personnel support, especially the structure of investments and their profitability, staff turnover and the level of professional qualification of medical personnel remain problematic. Financial and economic stability and investment andmarketing development remain the most problematic components of the efficiency.Conclusions. One of the key signs of the efficiency of investment and innovation projects in medicine is their systematic manner that involves a combination of measures to activate and develop investment and innovation in the organizational and institutional (1), the economic (2), the product and service (3), the social and psychological (4) components.

Анотація. Досліджено інструменти фінансування державних та місцевих програм і проєктів в Україні та Польщі (бюджетні, грантові, фінансово-кредитні та інвестиційні інструменти). Метою статті є визначення можливостей використання інструментів фінансування державних і місцевих програм та проєктів в Україні і Польщі для реалізації національної та регіональної публічної політики. Методи дослідження — порівняльний аналіз аналітичних та офіційних статистичних даних України і Польщі на основі класифікації груп інструментів фінансування державних та місцевих програм і проєктів. Доведено, що основними інструментами фінансування державних і місцевих проєктів та програм в Україні і Польщі є бюджетні (субвенції, місцеві цільові програми) та грантові інструменти (грантові програми, міжнародна технічна допомога). Оцінка структури розподілу коштів у рамках окремих програм у Польщі та Україні дозволила виділити ключові об’єкти грантового фінансування в Україні (освіта, спорт, охорона здоров’я та соціальний захист) і в Польщі (планування територій, дорожньо-транспортна інфраструктура, розвиток бізнесу та інновацій). Визначено, що важливим фінансово-кредитним інструментом у країнах є міжнародні кредити Міжнародного банку реконструкції та розвитку, Європейського банку реконструкції та розвитку і Європейського інвестиційного банку, про що свідчать загальні обсяги кредитів (позик), залучених державами від міжнародних організацій. Досліджено особливості розвитку та реалізації інвестиційних інструментів фінансування державних і місцевих програм та проєктів: державно-приватного партнерства, лізингової діяльності. У висновках узагальнено механізми використання інструментів фінансування в Україні та Польщі і запропоновано напрямки зміцнення наявних можливостей та вдосконалення процесу фінансування державних і місцевих програм та проєктів для України. Ключові слова: інструменти фінансування, державні програми і проєкти, регіональний розвиток, державно-приватне партнерство. Формул: 0; рис.: 4; табл.: 3; бібл.: 17.

Conducting a constructive relationship with international financial institutions (IFIs) can be a challenge for small states like Iceland. Iceland is a member of the World Bank Group and the European Bank for Reconstruction and Development, but not a member of the regional development banks, i.e.: the Asian Development Bank, the Inter-American Development Bank and the African Development Bank. IFIs work both with the governments of emerging market economies in formulating and supporting policy reforms as well as with the private sector as private sector lead projects can help boost economic reconstruction in emerging markets. But can small states work effectively in partnership with IFIs? This article will discuss the challenges faced by small states in working with IFIs both when supporting government reforms in emerging market economies as well as when promoting private sector activities and investment in those economies.

Now in its second year of operation, the European Bank for Reconstruction and Development was the first new institution set up by the West to cope with the historical challenge of helping to transform the centrally planned economies of Eastern Europe into market economies. Strongly criticized for its lack of funds and its redundant profile when compared to the World Bank and the European Investment Bank, the “European Bank” is still struggling to assume an independent role in the transformation process and remains a controversial institution.

As the financing institution of the EU the European Investment Bank (EIB) has a long history of investment in the maritime sector. The EIB’s support for the sector is guided by EU maritime policy which is increasingly influenced by non-financial criteria such as safety, environment and employment. The increasing inclusion of non-financial criteria into financial decisions adds to the degree of subjectivity involved in project investments, especially ones involving public funds. This subjectivity is present in individual decision maker’s thought processes when assessing the relative importance of each criterion. Within this context, this paper examines a methodology which combines established financial analysis methods with multi criteria decision analysis (MCDA) in order to try to address this complex issue. The aim is to develop a model, which incorporates financial and non-financial criteria whilst accounting for the inherent subjectivity in investment decision making, in a transparent and auditable manner. The paper examines the application of the model to a fleet expansion project which has been financed by the EIB. Further research is proposed including how the model may also be utilised as a performance indictor to track the degree to which EIB financing meets the goals outlined in EU maritime policy.