Innovative Investment Tools for Regional Programs and Projects
DOI:
https://doi.org/10.58423/2786-6742/2025-8-204-220Keywords:
regional investment programs and projects, regional development, investment, innovative financial investment instrumentsAbstract
The challenges associated with budgetary constraints and the need to modernize the regional development investment system require new approaches to financing regional programs and projects. The impact of global trends on regional development, particularly technological progress, climate change, geopolitical instability, and global market dynamics, further emphasizes the necessity of utilizing innovative financial investment instruments. This study aims to analyze and systematize innovative financial instruments that can be employed for effective investment in regional programs and projects under current conditions. The article explores the role of innovative financial instruments in the investment process of regional programs and projects amid contemporary challenges. Particular attention is given to implementing new financing approaches for regional development, considering rapid technological changes, geopolitical instability, and the increasing need for sustainable development. The study examines traditional regional development financing mechanisms, including government funds, local budgets, and targeted state programs, while identifying their drawbacks, such as resource constraints and inefficiencies in fund allocation. Innovative financial instruments, such as crowdfunding, green and social bonds, venture capital funds, and decentralized financial technologies (DeFi), offer new opportunities for attracting investments. Their implementation can significantly enhance the effectiveness of regional programs and contribute to economic growth at the local level. The study reviews global best practices in applying these instruments and assesses their adaptability to the Ukrainian context. A special focus is placed on the prospects for developing Ukraine's investment market, particularly the influence of international support programs and investment insurance mechanisms. The article presents data on investment trends in restoring and modernization of critical infrastructure and developing innovative sectors such as renewable energy and digital technologies. The conclusions emphasize the importance of strategic planning in regional investment programs, broad stakeholder engagement, effective management, and innovative financial instruments to achieve sustainable regional economic development. The study recommends improving financing mechanisms, including strengthening cooperation with international financial institutions, developing decentralized financing tools, and integrating digital technologies into the investment attraction.
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