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The article provides a comprehensive theoretical study of the genesis of scientific approaches to the interpretation of the investment process within the leading economic schools from the 17th century to the present. It is determined that the investment process is a dynamic, multi-stage, and polystructural category that reflects the transformation of temporarily free financial resources into real, financial, or intellectual capital. The authors thoroughly analyze the evolution of perceptions of investing, starting from mercantilism, where investment actions were viewed through the lens of accumulating national wealth through the stimulation of foreign trade and State regulation. The contribution of the physiocrats is highlighted, who argued for the exclusive productivity of capital investments in the agricultural sector and laid the foundations of economic liberalism. Special attention is paid to the doctrine of the classical school (A. Smith, D. Ricardo, J.-B. Say, J. S. Mill), whose representatives defined capital accumulation as the fundamental driving force of economic growth and introduced the postulate of the identity of savings and investment. The Marxist concept is examined, in which investment is interpreted as an objective stage of capital circulation, and the role of capital and the cyclicality of fixed asset renewal are also analyzed. Within the neoclassical approach (A. Marshall, L. Walras, I. Fisher), attention is focused on the microeconomic motivation of rational agents, where the investment decision is considered as a result of intertemporal choice adjusted by the real interest rate. The Keynesian approach is analyzed in understanding investment as an internally unstable driver of the economy, which depends on the psychological expectations of business and requires government stimulation of aggregate demand through the multiplier mechanism. The present scientific work reveals the positions of monetarism regarding the priority of a stable monetary and credit environment and the theory of rational expectations, which emphasizes the importance of full information for agents and the predictability of government policy for investment activity. Separately, the approaches of the new institutional economics concerning the impact of «collective institutions», property rights, and transaction costs on the investment environment are highlighted. The analysis concludes with an overview of behavioral economics, which abandons the conception of full rationality and explores investment processes through the lens of cognitive biases, emotional influence, and the limited rationality of agents. It is determined that the modern understanding of the investment process is integral and encompasses material, institutional, and behavioral aspects.

Purpose. Studying the investment policy in construction in wartime conditions, namely: determining the general characteristics of the investment process in construction in wartime conditions; identification of factors affecting investment activity; analysis of the problems of investment activity in these conditions; development of recommendations for improvement of investment policy in construction in wartime conditions. Methodology. In the process of studying the investment policy of construction enterprises in the conditions of martial law, the following methods were used: expert assessment (allowed obtaining conclusions and recommendations regarding the possibilities of investing in construction projects in conditions of military conflict), scenario modeling (development of various scenarios investing in the construction sector made it possible to analyze the possible consequences and results of each of them), system analysis (taking into account the relationships between various aspects of the investment policy of construction enterprises and its impact on the economy and society as a whole) and marketing research (determining the needs and requirements of the market in relation to investments in the construction sector in the conditions of a military conflict). Findings. The authors indicated the main problems of construction financing: lack of long-term loans and investments for construction; high interest rates on loans; imperfect legislation in the field of construction; lack of transparency and efficiency in the management of public finances allocated for construction. It is proposed to take the following measures: to create conditions for attracting long-term loans and investments in construction; to reduce interest rates on loans; to improve legislation in the field of construction; to improve the transparency and efficiency of the management of public finances allocated for construction; to improve mechanisms of public-private partnership in the field of construction; to develop programs to stimulate housing construction for low-income citizens; to create conditions for the development of small and medium-sized enterprises in the field of construction. To form the investment attractiveness of the construction industry in Ukraine, the authors suggest creating a favorable investment climate that will guarantee investors the protection of their rights and interests; developing transparent and effective rules and procedures for regulation of construction; ensuring access to quality construction materials and equipment at competitive prices; improving the qualification and level of professional training of construction personnel. Originality. The article comprehensively researches the investment policy in construction in the conditions of war for the first time. The authors revealed new regularities in the development of the investment process in construction under martial law, developed recommendations for its improvement. Practical value. The results of the study can be used to form an effective investment policy in construction in wartime conditions. They can also be used to develop measures to support investment activities in construction under martial law.

This Commentary is part of the Special Issue titled . The Issue examines the Global Financing Facility (GFF) through the lens of nine papers that explore the content and development processes of GFF country documents. While the GFF achieved technical alignment with national reproductive, maternal, newborn, child, and adolescent health priorities, it did not consistently translate into the mobilization of increased domestic resources. Loan-heavy financing structures substituted, rather than supplemented, public spending and intensified fiscal pressure in debt-constrained contexts. The expansion of results-based financing models has brought additional sustainability and equity concerns, with many initiatives collapsing post-project due to inadequate alignment with public finance systems. This falls short of the Lusaka Agenda's strategic shift towards country-led sustainable financing. Stakeholder engagement, particularly in civil society organizations, is often late, limited, or superficial. The neglect of stillbirth and respectful maternity care in the GFF documents calls for a critical look at high impact underprioritized areas when making future GFF investment decisions. As global health aid retracts and low- and middle-income countries navigate debt pressures, global health initiatives must base investments in disease burden data and engage stakeholders meaningfully. To realize the Lusaka Agenda's vision, the GFF must align with national public finance systems and secure sustainability beyond donor cycles.

The purpose of this paper is to provide a characterization of the current state and level of the investment component in Russia’s economic security and concretize the key focus areas for ensuring it. The study is grounded in the dialectical method of scientific cognition, the method for cognizing the process of attaining investment security in all its contradictions, integrity, and development, as well as the systemic approach to the analysis of the effect of investment activity on the national economy. The authors explore some of the key theoretical aspects of investment security within the national economy and examine the dualism of investment security as a component in the nation’s economic security; establish a system of indicators for ensuring investment security, including its major qualitative and quantitative criteria; compute a set of indicators for the investment component in economic security; identify some of today’s key threats to investment security within the Russian economy. Exploring the theoretical aspects and computing the indicators of investment security serve as a basis for further research into the subject and may help detect and minimize threats that may arise in connection with the investment process, as well as develop and concretize a set of major focus areas for ensuring investment security at all levels.

This article considers the general characteristics of the business climate of Kazakhstan, the possibility and conditions of registration of legal entities, licensing of the right of activity, and legal analysis of special economic and industrial zones. The purpose of this study is a comprehensive analysis of the legal regime of foreign investment in special economic and industrial zones of Kazakhstan, analysis of the regulatory framework, and its due compliance with leading international agreements. For a comprehensive analysis, the study employed generally accepted methods of theoretical and empirical analysis of investment policy and activities of the Republic of Kazakhstan as the main research methods. Using the dialect method, the dynamics, characteristics, and significance of special economic and industrial zones were considered. Based on the results of this study, it can be concluded that due to the imperfection of the legal mechanism of the functioning of special economic and industrial zones, foreign investment in these areas requires an additional mechanism of legal regulation according to the national regulatory framework. Prospects for further research can be presented by improving the legal climate of the state and introducing specialized measures to attract both national and foreign investors.

Improving quality of care could avert most of the 4.5 million maternal and neonatal deaths and stillbirths that occur each year. The Global Financing Facility (GFF) aims to catalyse the national scale-up of maternal and newborn health (MNH) interventions through focused investments. Achieving impact and value for money requires high, equitable coverage and high quality of interventions. This study examines whether the rhetoric of increasing coverage together with quality has informed investment strategies in MNH through a secondary analysis of 25 GFF documents from 11 African countries. The analysis shows that the country GFF-related documents incorporate some MNH-related quality of care components; however, there is a lack of clarity in what is meant by quality and the absence of core MNH quality of care components as identified by the World Health Organization's MNH quality framework, especially experience of care and newborn care. Many of the Investment Cases have a more diagonal focus on MNH service delivery considering the clinical dimensions of quality, while the investments described in the Project Appraisal Documents are primarily on horizontal structural aspects of the health system strengthening environment. The GFF is at the forefront of investing in MNH globally and provides an important opportunity to explicitly link health systems investments and quality interventions within the MNH continuum of care for optimal impact.

This commentary is included in the Special Series: . Studies in the Series provide timely, grounded insights into how the GFF model delivers impact through country ownership, flexible funding, and integrated planning. The Series' findings align with the recent independent evaluation of the GFF, emphasizing the importance of political leadership, implementation support, learning systems, and civil society engagement. The commentary reflects on the lessons emerging from the papers in the Special Series and examines what they mean for strengthening accountability, systems, and equity in the GFF's next strategy.

The Global Financing Facility (GFF) was launched in 2015 to catalyse increased domestic and external financing for reproductive, maternal, newborn, child, adolescent health, and nutrition. Half of the deaths along this continuum are neonatal deaths, stillbirths or maternal deaths; yet these topics receive the least aid financing across the continuum. To conduct a policy content analysis of maternal and newborn health (MNH), including stillbirths, in GFF country planning documents, and assess the mortality burden related to the investment. Content analysis was conducted on 24 GFF policy documents, investment cases and project appraisal documents (PADs), from 11 African countries. We used a systematic data extraction approach and applied a framework for analysis considering mindset, measures, and money for MNH interventions and mentions of mortality outcomes. We compared PAD investments to MNH-related deaths by country. For these 11 countries, USD$1,894 million of new funds were allocated through the PADs, including USD$303 million (16%) from GFF. All documents had strong content on MNH, with particular focus on pregnancy and childbirth interventions. The investment cases commonly included comprehensive results frameworks, and PADs generally had less technical content and fewer indicators. Mortality outcomes were mentioned, especially for maternal. Stillbirths were rarely included as targets. Countries had differing approaches to funding descriptions. PAD allocations are commensurate with the burden. The GFF country plans present a promising start in addressing MNH. Emphasising links between investments and burden, explicitly including stillbirth, and highlighting high-impact packages, as appropriate, could potentially increase impact.

In 2015, Uganda joined the Global Financing Facility (GFF), a Global Health Initiative for Reproductive, Maternal, Newborn, Child, and Adolescent Health (RMNCAH). Similar initiatives have been found to be powerful entities influencing national policy and priorities in Uganda, but few independent studies have assessed the GFF. To understand the policy process and contextual factors in Uganda that influenced the content of the GFF policy documents (Investment Case and Project Appraisal). We conducted a qualitative policy analysis. The data collection included a document review of national RMNCAH policy documents and key informant interviews with national stakeholders involved in the development process of GFF policy documents ( = 16). Data were analyzed thematically using the health policy triangle. The process of developing the GFF documents unfolded rapidly with a strong country-led approach by the government. Work commenced in late 2015; the Investment Case was published in April 2016 and the Project Appraisal Document was completed and presented two months later. The process was steered by technocrats from government agencies, donor agencies, academics and selected civil society organisations, along with the involvement of political figures. The Ministry of Health was at the center of coordinating the process and navigating the contestations between technical priorities and political motivations. Although civil society organisations took part in the process, there were concerns that some were excluded. The learnings from this study provide insights into the translation of globally conceived health initiatives at country level, highlighting enablers and challenges. The study shows the challenges of trying to have a 'country-led' initiative, as such initiatives can still be heavily influenced by 'elites'. Given the diversity of actors with varying interests, achieving representation of key actors, particularly those from underserved groups, can be difficult and may necessitate investing further time and resources in their engagement.

This commentary examines the learnings from different countries included in the Special Series: . Studies focused on the initial phase of the GFF and highlighted key themes, including power asymmetries, stakeholder engagement, the alignment of funding to health needs, and the treatment of community health and quality of care within GFF-supported programs. This commentary reflects on policy processes and health financing dynamics emerging from the papers in the Special Series and examines what it means for the new strategy in development by the GFF. Ultimately, the GFF remains a promising model for advancing reproductive, maternal, newborn, and child health and nutrition. Realizing its transformative potential, especially with the present context, will require rebalancing technical rigor with political inclusion, and aligning performance metrics with equity-centered accountability.