On the Issue of the Essence and Types of Project Financing in Terms of the Participation and Functionality of Credit Institutions

In a turbulent geopolitical environment, there are significant shifts in the macroeconomic environment that affect the functioning of the national economy. The main factors and mechanisms that determine economic growth and the development of socio-economic systems are transforming. In this situation, the development of project financing based on the capabilities of credit institutions becomes crucial for ensuring the long-term sustainability and progress of the country. The article highlights the key approaches of Russian and foreign authors to the interpretation of this concept. A comparative analysis with corporate financing, which is based on the creditworthiness of the company as a whole, and syndicated financing, within which several creditors jointly provide a loan, allows us to clearly identify the specific features of project financing, such as focus on project cash flows, risk sharing between participants and attracting specialized investors. A classification of project financing has been developed taking into account various criteria, such as structure, types of risks, types of projects and forms of participation of credit institutions. This allows the latter to more effectively assess risks and opportunities and make informed investment decisions.