THE RETROSPECTIVE ANALYSIS OF PROJECT FINANCING

The paper describes the results of the analysis of project financing evolution at various stages of history. The category of “project financing” within the frames of retrospective study served as the subject of the study. During the analysis, the author studied in details the process of formation and development of the key features of the project financing essence in various time realities starting with the thirteenth century, the period of occurrence of financing projects on the principles similar to the project financing in the modern sense, and up to this day, when the project financing is interpreted as a separate category of financing of the projects. In order to identify the priority economy sectors for the application of project financing at the present stage of development, the author carried out the analysis of current state of the application of this method. It allowed the identification of the leading industries of the economy, which include energy production, oil and gas industry and transportation. The author considered as well the experience of the project financing application throughout the countries that showed that the original project financing was widely used in the developed European countries and the USA, and only later, this method got the large-scale development and application in Asian regions.

The analysis of the study data allowed determining the improvement of project financing tool from its prototype to the modern interpretation and specifying the necessary conditions for its implementation depending on the specific of investment projects. Based on the studied experience of the project implementation by means of project financing, the author suggested the periodization of main stages of the project financing evolution formed and consolidated according to the criterion of common distinctive features for the years studied.