Financing investment programs in the implementation of the regional development strategy

The article deals with financing of investment programs of development of regions in realization of structural modernization of national economy. The paper determines that, given that the regions are an integral part of the economic complex of the state, the implementation of investment measures for the effective implementation of such strategic development plans should be a priority and have a close connection with the specific features of the domestic regions, which play a major role in the structural modernization of Ukraine's economy. A key basis of the study was the assertion that the effectiveness of domestic regions' development depends entirely on the strategic planning system in place and a qualitatively new mechanism for financing investment programs from various sources. Based on the research of leading experts, the necessity of finding new financial instruments and innovative methods and approaches in financing is substantiated. The analysis of the main sources of financing in the fixed capital in preparation of regional development strategies and planning of measures for their implementation. A serious problem of structural modernization of both the regional and national economies in the implementation of investment programs has been identified, namely the lack of sufficient external financing. It is proved that despite the presence of a number of programs to promote small and medium-sized enterprises and the activation of state policy on the development of investment and innovation activities of economic entities, the ways and mechanisms of their implementation have significant disadvantages and do not contribute reduction of investment risks; increasing the efficiency of providing investment resources to all participants in the investment activity of the region. It is proposed to implement a well-considered strategy of regional development, which comprehensively takes into account the specific conditions of use of potential financial sources against the background of the macroeconomic situation in the country and envisages the introduction of a full range of financial instruments to address the challenges of affordable financing for regional development and interregional cooperation investment programs.