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RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

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Liburkina L. M.

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Financial Support of the State for the Sustainable Development of Ukrainian Aviation Enterprises: The Institutional Aspect
Koliada T. A., Prozorov Y. V.

Koliada, Tetiana A., and Prozorov, Yuriy V. (2026) “Financial Support of the State for the Sustainable Development of Ukrainian Aviation Enterprises: The Institutional Aspect.” Business Inform 4:424–433.
https://doi.org/10.32983/2222-4459-2026-4-424-433

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.5:656.7

Abstract:
The aim of the article is to analyze the existing international institutional sectoral tools for the development of the aviation industry, the reasons for inefficient financing of the sector by banks and investors, and to develop proposals for measures to adjust State financial support for the sustainable development of aviation transport enterprises during the postwar reconstruction period in Ukraine. The article examines the problems and prospects of State financial support for the sustainable development of aviation transport enterprises in Ukraine in the postwar period. It is substantiated that, in the context of the European integration course and significant infrastructure destruction, the aviation industry acquires strategic importance as a driver of economic growth, the restoration of the transport system, and integration into the European space. It is determined that an efficient model for industry development should be based on a combination of budget financing, public-private partnerships, and the involvement of international financial assistance. The current state of financing the restoration of aviation infrastructure has been analyzed, and the limited investment resources have been identified, in particular the small share of the aviation sector in the total volume of reconstruction needs. Key institutional barriers that hinder the development of the industry have been further identified, including the imperfection of the legislative framework, low interest of banks in long-term lending, high investment risks, and limited opportunities for structural financing under wartime conditions. The forms and instruments of State support for enterprises have been systematized, including direct (subsidies, grants, preferential lending) and indirect (tax incentives, State guarantees, public-private partnerships). It has been proved that for enterprises in the aviation industry, it is advisable to use a combination of these instruments depending on the structure of assets and forms of ownership. Particular attention is paid to the analysis of international experience and current financing trends, including the implementation of ESG approaches and the need to green air transport. An innovative mechanism for attracting investment through the introduction of special debt instruments – multicurrency aviation bonds (aviabonds) is proposed, combining the features of infrastructure and green bonds and providing for State support in the form of guarantees or interest rate compensation. Prospects for further research in this area include the substantiation of models for interaction between the State, the private sector, and international financial organizations in the process of financing the implementation of infrastructure projects, as well as the improvement of the institutional environment for issuing debt securities and conditions for the development of public-private partnership.

Keywords: financial State support; sustainable development; aviation industry; institutional trap; State investment; public-private partnership; development bonds.

Fig.: 1. Tabl.: 3. Bibl.: 23.

Koliada Tetiana A. – Candidate of Sciences (Economics), Associate Professor, Professor, Department of Financial Technologies and Business, State University «Kyiv Aviation Institute» (1 Lubomyra Husara Ave., Kyiv, 03680, Ukraine)
Email: [email protected]
Prozorov Yuriy V. – Research Associate, Sector of Institutional Economics of the Department of Economic Theory, Institute for Economics and Forecasting of NAS of Ukraine (26 Panasa Myrnoho Str., Kyiv, 01011, Ukraine)
Email: [email protected]

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