Sources of public investment in rural areas

Анотація

The reform of public investments in Ukraine is focused on the strategic development of territories and the transition from sectoral to spatial investment. At the same time, rural territorial communities, for the most part, having lower financial and institutional capacity compared to urban ones, have lower opportunities to compete for investment resources. This, in turn, is a risk of increasing intra-regional disparities in the development of territories. The article substantiates the sources of public investment - the State Fund for Regional Development, subvention for the development of community infrastructure, capital expenditures of local expenditures, international technical assistance, funds attracted under state, local guarantees. The financing instruments for third countries from the European Union structural funds for the period 2021-2027 and the directions of financing rural areas are analyzed. The directions and features of financing rural areas through the financial instruments of the European Union structural funds - NDICI, Interreg, IPA, UkraineFacility are highlighted. An analysis of international organizations that directly support the development of rural areas in Ukraine - IFAD, FAO, EAFRD is conducted. The problems of limiting the volume of state and local budgets for financing public investments, the low level of institutional and financial capacity of local self-government bodies of rural communities, the low activity of local guarantees from village and settlement councils are highlighted. Implementing public investment projects, communities can attract funds from international technical assistance, grant funds, borrowing, but at the same time they have the problem of limited knowledge and practical skills, which does not allow attracting financial resources for local development. The level of institutional capacity of local governments also deteriorated due to the outflow of qualified personnel during the war, the absence of project managers, and low consulting assistance from regional development agencies. On the one hand, the possibilities of raising funds for frontline communities have expanded due to the implementation of the country's recovery program, and on the other hand, significant territories have appeared that, due to the loss of potential, have become unsuitable for investment.

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