MECHANISMS FOR FORMING INVESTMENT RESOURCES FOR THE SUSTAINABLE INNOVATIVE DEVELOPMENT OF THE RAILWAY TRANSPORT NETWORK

Abstract

Railway transport remains one of the most capital-intensive branches of national infrastructure, and its capacity to modernize technologically depends directly on the volume, structure, and continuity of investment resources. This article examines the mechanisms through which investment resources can be formed and mobilized to support the sustainable innovative development of a railway transport network, using the experience of Uzbekistan as an illustrative case. The study combines a systematic review of international and national literature with a comparative analysis of financing instruments applied in railway modernization, including state budgetary allocation, retained earnings and internal reinvestment, sovereign and multilateral borrowing, public-private partnerships, leasing of rolling stock, and green and infrastructure bonds. The results indicate that a diversified, multi-channel model of investment resource formation, anchored by a stable regulatory environment and risk-sharing arrangements between the state and private investors, provides the most resilient basis for financing innovative railway projects. The article proposes a structural model for combining public and private capital sources and outlines policy measures capable of increasing the inflow of long-term investment into railway infrastructure. The findings are intended to be of practical value for transport-sector policymakers, railway operators, and researchers working on infrastructure finance in transition and emerging economies.