The article considers the forms and methods of the practice of financial support for an important social sphere culture and art. The experience of financing this sphere as a whole and in the context of individual countries of the world is analyzed and summarized. It is substantiated that each country forms its own models of public financing, and there is a significant arsenal of tools for financial support of culture and arts, including those based on the principles of public-private partnership. Arguments are presented that culture and art represent a tool of the so-called “cultural diplomacy” and soft power, and the financing of cultural and artistic projects today, in the context of globalization and related geopolitical processes, is a very expedient component of ensuring national security.

Highlights

• The article is devoted to substantiating potentials of financing cultural and artistic projects for the benefit of the stability of the state development, both in the plane of the formation of national identity, and in the international arena in the context of globalization.
• The obtained results demonstrated the success of various models and practices of financing cultural and artistic projects in various countries in the aspect of cultural diplomacy.
• The practical significance of the research lies in the possibilities of its use by state regulatory bodies both in the sphere of cultural development and those assigned with the tasks of ensuring national security.