INVESTMENT AND FINANCIAL SUPPORT FOR THE FUNCTIONING OF CRITICAL INFRASTRUCTURE OF UKRAINE IN THE CONDITIONS OF CRISIS TRANSFORMATIONS

Abstract

This article examines issues related to investment and financial support for critical infrastructure in Ukraine during periods of crisis and transformation. It reveals the essence of investment and financial support for critical infrastructure in conditions of crisis transformation accompanied by increased security risks, the destruction of production and logistics links, a shortage of budgetary resources, and an increased need for the rapid restoration of vital systems. It has been proven that the sustainable operation of critical infrastructure facilities requires a multi-level financing model combining state investments, local budgets, public-private partnership mechanisms, international technical assistance, credit resources, insurance instruments, and special recovery funds. These funds are intended to increase the resilience, modernisation, and digitalisation of infrastructure complexes. Particular attention is paid to determining investment priorities, taking into account the facilities' strategic significance, vulnerability level, expected socio-economic effects, and the need to ensure continuity of basic services for the population and businesses. Provided that the institutional environment is improved, transparent procedures for the distribution of funds are introduced, a risk monitoring system is developed, a programme-targeted approach is applied, and investment policy is aligned with the goals of national security, economic stability, and the state's long-term recovery, it is proven that increasing the efficiency of financial support for critical infrastructure is possible. Research methods. The study is based on a methodological approach that combines dialectical, system-structural, formal-logical and comparative-legal methods, as well as analysis and synthesis. This approach enables a comprehensive study of the financial and economic mechanisms that ensure the stability of critical infrastructure in times of crisis. The expected scientific outcome is a clearer understanding of the nature and characteristics of investment and financial support for critical infrastructure in times of crisis. The purpose of the article is a comprehensive study of the theoretical and applied principles of investment and financial support for the functioning of critical infrastructure in conditions of crisis transformations, as well as identifying problems and areas for improving the relevant mechanisms. To achieve this objective, the following tasks have been identified: 1) to examine the nature of critical infrastructure as an object of financial and investment influence; 2) to describe the sources and mechanisms of its financing; 3) to analyse the risks and challenges that arise in crisis situations; 4) to justify ways of improving the effectiveness of investment and financial support for its operation. Conclusions. The study determined that investment and financial support for the functioning of Ukraine's critical infrastructure in times of crisis transformation are pivotal prerequisites for maintaining economic stability, national security and continuity of basic services to the population. Research has demonstrated that the efficacy of such support is contingent on a combination of budgetary resources, international financial assistance, public-private partnership mechanisms, insurance instruments and recovery trust funds, in addition to the implementation of transparent procedures for the management of financial flows. The feasibility of prioritising investments according to the vulnerability level, strategic significance, and potential for rapid socio-economic impact of objects is substantiated. It was determined that improving the institutional environment, digitalising management processes, strengthening the risk-oriented approach, and harmonising investment policy with the long-term goals of recovery and modernisation of the state would increase the effectiveness of financial support.