Consolidation of financial resources for postindustrial cities revitalization

Economic Annals-ХХI: Volume 154, Issue 9-10, Pages: 87-90

Citation information:
Sych, O., & Pasinovych, I. (2015). Consolidation of financial resources for postindustrial cities revitalization. Economic Annals-XXI, 9-10, 87-90. https://ea21journal.world/index.php/ea-v154-20/

Olga Sych
PhD (Economics),
Associate Professor,
Ivan Franko National University of Lviv
1 Universytetska Str., Lviv, 79000, Ukraine
olga.sych.lviv@gmail.com

Iryna Pasinovych
PhD (Economics),
Associate Professor,
Ivan Franko National University of Lviv
1 Universytetska Str., Lviv, 79000, Ukraine
sadova.lviv@hotmail.com

Consolidation of financial resources for postindustrial cities revitalization

Abstract. Revitalization of industrial zones is one of the major challenges facing modern cities. A key problem of the implementation of revitalization is its financial support. This problem is not only confined to the direct funding from public funds or community funds, but also determines a need for the creation of mechanisms of financing and usage of various incentive instruments to encourage an inflow of funds from private investors or other stakeholders.

The revitalization funding sources can be classified according to their origin into public, private and mixed. The process of revitalization cannot be carried out without public investment in infrastructure. Nevertheless, an enabling environment to stimulate the investment process is more important than public investment. Sources of credit take on particular significance, especially attraction of public loans, both internal and external. Furthermore, community involvement in the process of solving problems of the city will form a responsible civil society, on the one hand, and on the other, will create a community fund to finance the revitalization of postindustrial areas through donations.

Keywords: Revitalization; Financial Sources; Funding; Public and Private Investments; Regional Development

JEL Classіfіcatіon: G18; O18; R51

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Received 16.10.2015