SOURCINGS OF INVESTMENT ACTIVITY OF RAILWAYS

It is determined that the investment policy on rail transport in Ukraine should be directed to the development of core activities, the renewal of infrastructure and the modernization of rolling stock. At the same time, the need for financial investments is greater than that of Ukrzaliznytsia, which makes it necessary to search for additional investment sources. In connection with this area of improving investment policy in modern conditions is to determine the priorities for investment activities and to find sources of financing investment programs. It is determined that the sources of investment resources for the railway industry may be internal own funds, external borrowed funds and attracted funds. Obtaining resources from various sources will increase the amount of investment in rail transport. The attraction of domestic investments requires an increase in transportation tariffs, cost reductions, and an optimal depreciation policy. Obtaining loans is a traditional source of financing for investment projects. However, long-term lending to the railway industry has not found wide application, due to its low investment attractiveness, in particular, high capital intensity of transport projects and significant payback periods. It is proved that leasing is a promising source of investment, which makes it possible to update the rolling stock. In conditions of reforming the economy of Ukraine, leasing can be considered as an effective type of financing of capital investments, and as a form of selling industrial products. For the railway industry, it is necessary to implement leasing schemes with the participation of the state. The possibility of using the issue of bonded loans as a source of financial resources is considered, which is relevant in the context of economic instability, financial crises and the imbalance of the money market.