RISK MANAGEMENT OF INVESTMENT ACTIVITIES IN THE CONTEXT OF ENSURING INNOVATIVE DEVELOPMENT OF RAILWAY TRANSPORT

The expediency of implementing of innovative and invest projects in Ukraine in the context of military operations is substantiated in the article. The implementation of such projects ensures the functioning of critical infrastructure facilities and contributes to the growth of the country's defense capabilities.Consequently, there is a need to ensure effective risk managementof investment activities. Given the importance of rail transport in the country’s transport supply, investments in its restoration and development are critical.The identity of the concepts of “investment risks” and “risks of investment activity” is established. The sources of investment risk formation are analysed and it is defined that the risks of investment activity are primarily associated with the existence of a time gap between the moment of investment and the time of income generation and payback of the project. This time gap (lag) introduces uncertainty into the business environment and project implementation, which in turn creates the risk of deviations of actual results from projected indicators.The algorithm for managing risks of investment activity, based on the classical risk management approach and taking into account the specific features of the sources of investment risk formation as such, is proposed in the article. The primary instruments of investment risk management, along with the particularities of their application, are characterized in the article. The most promising and urgent investment projects, the implementation of which is particularly relevant for ensuring the functioning of railway transport in times of war, are described. Prospective opportunities for financing investment projects are identified based on the financial performance indicators of JSC "Ukrainian Railways" using the financial statements for 2020-2023. The authors also analyzed the indicators of the company's financial condition over time. It is established that, despite positive trends reflected in the financial indicators over the past two years, the company’s financial capabilities are still not sufficient for self-financing.In order to increase the attractiveness of Ukrzaliznytsia as an investment object it is necessary to implement a series of measures, including reforming its operations. Concurrently, Ukrzaliznytsia’s key advantage as an attractive investment opportunity is its resilience and capacity to function effectively despite considerable risks.