A PORTFOLIO APPROACH TO USING THE RESOURCES OF INTERNATIONAL FINANCIAL ORGANISATIONS FOR UKRAINE’S INDUSTRIAL DEVELOPMENT
Abstract
The article develops a portfolio approach to the use of international financial organisations’ resources for Ukraine’s industrial development. Its relevance arises from a structural mismatch: loans, grants, guarantees, risk-sharing facilities, equity and technical assistance already flow through several channels, but separate operations do not automatically produce technological upgrading, stronger domestic value chains or coherent transformation. The purpose is to define the portfolio’s boundaries, selection and balancing procedure, governance and performance arrangements, linking international finance with national priorities without duplicating existing mandates. The methods combine institutional and comparative analysis, portfolio mapping, multi-criteria decision analysis and constrained optimisation. Official data available on 31 August 2026 describe recovery needs, the public investment pipeline and instruments of the EU, the EBRD and IFC. The study shows that the portfolio is neither a project list nor a conventional set of financial assets, but a continuous state-led process of selecting, combining, financing, monitoring and rebalancing projects, programmes and instruments around a common industrial objective. A two-stage procedure is proposed: non-negotiable requirements cover strategic alignment, integrity, safeguards, additionality, readiness and fiscal sustainability; eligible components are then ranked by contributions to productivity, technology, domestic value added, exports, private capital mobilisation and resilience, adjusted for risk and complementarity. The architecture is a functional layer linked to the Single Project Portfolio of Public Investments, digital data, international financial organisations’ pipelines and private-sector windows. Its practical value is to replace disbursement-centred coordination with portfolio-level accountability for structural outcomes, transparent concentration and fiscal-risk limits, and periodic rebalancing. Pilots are proposed for industrial energy modernisation, export-oriented manufacturing and digitalisation.
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