Kalyta T. Financial support of investment activity on the basis of public-private partnership in Ukraine

In the thesis the theoretical principles were developed and the scientific and methodological approaches aimed at improving the financial support of investment activities on the basis of public-private partnership in Ukraine were improved. The economic nature was examined, the essence of investment activity with an innovative component is investigated and the forms of financing of investment activity on the basis of PPP in Ukraine were systematized. The influence of state support in the financial security of PPP projects in Ukraine was revealed.The retrospective analysis of investment activity development in Ukraine has been performed. The estimation of efficiency of financing of investment projects on the basis of PPP and their realization was given, advantages and lacks of models of financial maintenance of investment activity on the basis of PPP, and also mechanisms of PPP were outlined. The scientific and methodical approach to introduction of the basic directions of improvement of financial maintenance of investment activity on the basis of PPP in Ukraine was developed. Measures aimed at improving the efficiency of fiscal management of the state by setting budgetary restrictions, organization of a special expert department in the Ministry of Finance of Ukraine, as well as tools for assessment and minimization of risks in the process of preparation and implementation of PPP were proposed, in particular, it was recommended at the state level to fix in the charter the requirement to establish a reserve fund for PPP participants. Analysis of the advantages and disadvantages of certain forms and models of PPP in foreign countries has revealed that funds allocated to overcome the deficit of profitability (Viability Gap Fund / Facility, (VGF) are one of the most formal and less risky forms. An alternative way of financing investment activities on the basis of PPP can be mezzanine financing. The possibility of creating a bank of development and / or special financial institution (for example, a state fund of development) was examined in the thesis. The expediency of developing a municipal private partnership (MPP) as an important tool for improving the financial support of investment activities at the regional level has been identified. State financial support in this case can be provided through state and local guarantees, investment financing from state or local budgets and other sources in accordance with national and local programs. Based on the forecast analysis, practical recommendations for financing PPP projects at the expense of MFI financial resources have been developed, it is perspective and can provide up to + 5% additional GDP growth through efficient use of available MFI financial resources.