MARKET OF FINANCIAL SERVICES

SHEMAIEV Volodymyr , ROMODAN Olena Oleksandrivna

Financial efficiency evaluation of the investment projects, supported by international financial institutions

Existing mismatch of domestic and international criteria for the selection of investment projects requires the study of international experience of project risks’ financial and economic evaluation within increased role of credit and investment resources of IFIs as a factor and an instrument of the national economy structural transformation. In paper the need to calculate both economic and financial efficiency of the project has been determined using such indicators, as: net present value, internal rate of return, discounted payback period, based on analysis of international experience in evaluating the effectiveness of development and implementation of investment projects. It gives an opportunity to assess comprehensively the financial and economic efficiency of the investment project, as well as to interest a potential lender and protect the state from issuing government guarantees for risky projects. It has been substantiated the expediency of the program model ""Alt-Invest Summ ” application, as the most adapted to the requirements of the CIS in calculating the financial efficiency of investment projects. This program was used to evaluate the efficiency of both individual project and the total investment costs of the projects group. A fragment of the resulting report on financial efficiency evaluation of the investment project, designed by the authors on the base of proposed indicators, has been presented. It is suggested to apply software products commonly utilized for business plan preparation, namely COMFAR (UNIDO), Alt-Invest, and Project Expert, to carry out evaluation of projects ’financial efficiency, as well as to forecast financial indicators. There has been determined the need for further research concerning development of the methodological approaches to economic and social efficiency evaluation in a stage of project proposab ’preparation and expertise.

Keywords: investment projects, international financial institutions (IFIs), financial evaluation, performance indicators

JEL: F20, F21

SHEMAIEV V. . Financial efficiency evaluation of the investment projects, supported by international financial institutions / V. . SHEMAIEV, O. O. ROMODAN // Фінанси України. - 2014. - № 5. - C. 96-105.