Problems of Financing for Cross-Border Cooperation Programs and Projects in Ukraine

Abstract

The article is aimed at studying the problems of financing for cross-border cooperation projects and finding recommended solutions to eliminate them. In particular, the article analyzes various sources of financing and support for implementing the cross-border cooperation programs and projects; priority directions for cross-border cooperation are allocated; importance of the functioning of programs and projects of cross-border cooperation in Ukraine is emphasized. The study used statistics on project financing by the European Investment Bank in Ukraine, the European Bank for Reconstruction and Development, as well as development support programs by the Organisation for Economic Cooperation and Development. In order to solve the problems of attracting financial support from the EU in terms of implementation of cross-border cooperation projects, it is recommended to finance cross-border projects with involvement of local authorities and the State authorities along with using their budgets, providing funds for a certain period of implementation of projects, which, in turn, will improve the efficiency of implementation of such projects in the border territories. According to the obtained results, the priority directions for the European Union to finance the cross-border cooperation and development projects are sectors of the agriculture and transport economy, namely, modernization and innovative development of industry branches, improvement of regional transport routes and the infrastructure in regions and districts.

Keywords

• cross-border cooperation
• sources of financing
• european neighborhood policy
• european investment bank
• european bank for reconstruction and development
• socio-economic development
• border territories