Innovation science and technologiy 2-том 8-сан (2026) · 32-36-беттер
AN EMPIRICAL ANALYSIS OF THE FACTORS AFFECTING THE FINANCING OF INVESTMENT PROJECTS
Jumaniyazova, Feruza
Аннотация
This article presents an empirical analysis of the factors affecting the financing of investment projects in theRepublic of Uzbekistan. Three methods are applied jointly: estimation of a trend model based on 2019–2025 data,decomposition of the contribution of individual financing sources to investment growth, and measurement of shifts inthe structure of financing sources using the Gatev index. The estimated exponential trend model has high explanatorypower (R² = 0.9566), and the average annual growth rate of investment over the period amounted to 20.5 per cent. Thedecomposition shows that, of the 10.94 percentage points of growth recorded in 2025, 8.70 percentage points, or 79.5per cent, are attributable to foreign investment and loans; together with foreign loans extended under state guarantees,external sources account for 93.2 per cent of the growth. Enterprises’ own funds, while representing 15.3 per cent of totalinvestment, contributed only 1.1 per cent of the growth. The Gatev index value of 0.4131 confirms a considerably highdegree of structural change in financing sources over the 2022–2025 period. Conclusions and policy recommendationsare formulated on the basis of the identified regularities
investment project, financing factors, empirical analysis, trend model, growth contribution decomposition, structural shift, Gatev index, foreign investment, bank credit, financing sources
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