FINANCIAL MECHANISMS AND INVESTMENT RISK ASSESSMENT FOR IMPLEMENTING PUBLIC-PRIVATE PARTNERSHIPS IN SUSTAINABLE TOURISM UNDER WARTIME CONDITIONS

This paper develops a financial and risk-based analytical framework for evaluating the feasibility of public-private partnerships (PPPs) in the sustainable tourism sector of Ukraine under wartime conditions. The study focuses on identifying viable financial mechanisms, investment instruments, and risk mitigation strategies that can ensure the continuity and recovery of tourism infrastructure amid fiscal constraints and security challenges. The proposed methodology integrates institutional, economic, financial, and social indicators with quantitative tools for risk assessment, including the Risk Priority Number (RPN) method and multi-criteria evaluation, to form a composite index of financial and investment readiness for PPP implementation.Empirical data were derived from official statistics, regional development programmes, and expert surveys involving 112 specialists from government, academia, and industry. The findings reveal significant regional differentiation in both financial capacity and risk exposure. Western regions such as Lviv, Ivano-Frankivsk, and Transcarpathia demonstrate strong investment potential and resilience (0.70–0.87), while central regions exhibit moderate readiness (0.55–0.69) and southern and eastern regions face critical financial and security constraints (<0.55). The analysis shows that limited access to green and concessional financing, high capital costs, and macroeconomic instability are the main financial risks affecting PPP performance in tourism.The research concludes that the success of PPPs in sustainable tourism depends on institutional maturity, financial innovation, and effective risk allocation between public and private partners. Strengthening fiscal capacity, introducing blended financing models, and expanding access to international and investment instruments are essential for the post-war revitalisation of Ukraine’s tourism sector. The proposed methodology provides policy-makers with a replicable tool for assessing financial sustainability, prioritising investment projects, and designing adaptive PPP mechanisms that balance profitability with socio-economic and environmental objectives.