Ryazanova, N.
(2022).
Project financing as a tool for loaning investment projects .
Economic Forum,
12(1),
143-151.
https://doi.org/10.36910/6775-2308-8559-2022-1-18
Received 17.02.2022, Revised 18.04.2022, Accepted 18.05.2022
The article summarizes the issue of project financing as a tool for lending to investment projects. The main purpose of the study is the development of project financing as an effective form of lending for investment projects, consideration of methods for assessing the probability of default of investment projects. Systematization of literature sources and approaches to solving the problem of risk management in project financing, the use of project financing as a tool for lending to investment projects shows that project financing agreements are longer and designed for riskier borrowers than conventional agreements. The urgency of solving this scientific problem is that there is a high need for project funding for the development of economic processes in Ukraine in general and in the implementation of national projects, in particular, and insufficient development of methodological issues in its use. The study of the topic of project financing as a tool for lending to investment projects in the work is carried out in the following logical sequence: determining the purpose of project financing; substantiation of peculiarities of project financing agreements; formulation of the structural scheme of project financing with the definition of participants in the investment project; determining the necessary conditions for the implementation of the project financing scheme; indication of the advantages of project financing, which distinguishes it from other forms of financing; determining the specifics of risk assessment of project financing; systematization of each of the risk groups; coverage of quantitative indicators that characterize the credit risks of investment projects; substantiation of methods for estimating the probability of default of investment projects using foreign experience; identification of unresolved issues in the use of project financing schemes; generalization of the advantages of project financing and their detailed consideration with the formulation of conclusions.
The following methodological tools are used in the work: dialectical method of cognition, as well as evolutionary-system approach to the analysis of economic situations and phenomena using the principle of unity of historical and logical, methods of comparative economic analysis. The object of research is investment projects with available information. The study empirically confirms and theoretically proves that the main advantages of project financing as a tool for lending and servicing investment projects are: for project initiators - to attract a wide range of creditors and increase project opportunities, despite limited own funds; for creditors - in ensuring the reliability and return on investment by studying the detailed information provided on the project. The results of the study can be useful for the use of project financing as one of the main tools of state participation in the regulation of the investment sphere
crediting; default; investment project; losses; project financing; risk
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