FINANCIAL AND INVESTMENT INSTRUMENTS AS THE BASIS FOR THE TRANSFORMATION OF THE INVESTMENT ENVIRONMENT IN UKRAINE IN THE CONTEXT OF WAR
Abstract
The relevance of this study is driven by the profound transformational shifts in Ukraine’s economy caused by the armed aggression of the Russian Federation. Under such conditions, the urgent task is to design an effective model of investment development capable of adapting to wartime realities and ensuring economic stabilization and post-war recovery.The purpose of this article is to conduct a comprehensive study of the role of financial and investment instruments in modernizing Ukraine’s investment policy during the war, as well as to develop practical approaches for attracting international capital aimed at restoring critical infrastructure and supporting key sectors of the national economy. The study applies system-based, structural-functional, comparative, institutional, and economic analysis methods. Particular attention is given to evaluating the dynamics of foreign direct investment (FDI), the role of government support, and the deployment of modern investment tools such as the “investment nanny” mechanism, blended finance, political risk insurance (MIGA, DFC), and crowdfunding platforms. The findings reveal that, despite the ongoing security crisis, Ukraine demonstrates notable adaptability in its investment environment, while the private sector remains active through M&A deals, digital transformation, and international market expansion. The research emphasizes international support initiatives such as the Ukraine Investment Framework, the Reconstruction Investment Fund, DFC programs, and the participation of Poland, Slovenia, Japan, and Canada in financing reconstruction efforts. The authors argue that strategic partnerships with international financial institutions and transnational corporations are essential to shaping a new investment model for Ukraine. The practical value of the study lies in identifying specific policy directions to stimulate the national investment climate, expand investor support tools, and create conditions for sustainable long-term growth and integration into the European economic space. In particular, the paper outlines steps for building a resilient financial system, enhancing risk insurance frameworks, synchronizing donor resources with national priorities, and supporting green and innovation-driven investments in energy, infrastructure, and defense-related industries.
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