FINANCING OF TERRITORIAL COMMUNITY INVESTMENTS BY INVOLVING FUNDS FROM INTERNATIONAL FINANCIAL ORGANIZATIONS

Introduction. Investing in the well-being of the community, in particular in infrastructure projects that create new opportunities for people and businesses, i. e. increasing the overall attractiveness of the territory for members of other territorial communities, is an important task for local authorities. A territorial community acts as a catalyst for both private and public investment, both internal and external. However, often the territorial community lacks financial resources for investment, and then there is a need to use the attracted resources. In our opinion, the existing approaches to assessing the cost of credit resources, in particular those of international financial organizations, are not sufficiently complete and may lead to overestimation of the cost of financial resources. The paper proposes ways to optimize the formation of the cost of credit resources of international financial organizations, using the example of cooperation between the Lviv territorial community and the European Bank for Reconstruction and Development. The proposed ways can reduce the cost of servicing loans from international financial organizations. Purpose. The purpose of the study is to reveal conceptual approaches to the analysis of the costs of servicing loans from international financial organizations, to find ways to optimize the formation of the cost of credit resources of a territorial community, to identify problems of forming a loan portfolio and managing it by the territorial community as a borrower. Materials and methods. The research materials are: 1) regulatory and legal support for the regulation of local borrowing by territorial communities in Ukraine; 2) works of domestic and foreign authors conducting their scientific and practical research in the field of borrowing to local budgets, formation of budgets of territorial communities. In the course of the study, the following scientific methods were used: theoretical generalization and grouping (to characterize the components of the local borrowing process, as well as to determine the composition of the costs of servicing the attracted loans); logical generalization of the results (formulation of conclusions). Results. The research article reveals the sequence of formation of the policy of attracting credit funds for the implementation of investment projects of territorial communities. The place of territorial communities as a catalyst for investment processes is determined and the territorial community as an individual investor is considered. The place of costs for servicing credit resources, advantages and disadvantages of attracting credit resources from international financial organizations are determined. The proposed mechanism for minimizing the cost of credit resources will contribute to the construction of a rational system for attracting credit resources by territorial communities, which is formed on the basis of multi-level information systems. Information on the factors that influence the determination of the cost of credit resources plays an important role for the management of a territorial community, as it can identify potentially dangerous risks of situations of inability to service loans or to repay them, and timely identify threats that will further influence management decisions. Discussion. In further research, it is proposed to focus on the procedure for detailing the factors that affect the determination of the cost of credit resources of international financial organizations, as well as developing an appropriate methodology for their analysis. This will help improve the behavior of the territorial community as an individual investor in the borrowing market for the implementation of investment projects.