Development banks for structural transformation of the economy: peculiarities of functioning in the world and possibilities of formation in Ukraine

Introduction. Ukraine is facing an acute problem of modernisation and restructuring of production on a new technological basis, due to both the significant economic backwardness from developed countries acquired in recent decades and the large-scale loss of socio-economic and demographic potential as a result of large-scale russian aggression. The solution to this problem is impossible without adequate financial support. The Ukrainian government has placed too high and unjustifiably high expectations on foreign aid, ignoring domestic capabilities and resources. National development banks around the world have demonstrated the effectiveness of using domestic resources to solve both the problems of modernisation and restructuring of the economy and post-war recovery. Purpose. Based on the analysis of the functioning of national development banks in the world as a component of industrial policy in ensuring industrialisation and structural transformations, to substantiate the possibility of creating such a bank in Ukraine in the context of overcoming its economic backwardness and the consequences of the war. Results. The article highlights the importance of national development banks for financial and investment support of structural transformations in the economies of countries, regardless of their level of development, including for modern transformations caused by the green transition and sustainable development goals. The author reveals the special functions and tools of these institutions, which, in comparison with conventional commercial banks, allow development banks to tie their activities to long-term financial support for the development of new areas and industries of the real sector, certain categories of business, and to counteract cyclical crisis downturns. The latest trends in the expansion of the influence of national development banks on the innovation sphere are shown. Attention is drawn to the value of the world experience of development banks in the context of the need to create a similar institution in Ukraine to address the challenges of post-war recovery and structural transformation of its economy.