Open Access
Article
SciPap-1680
Application of EU Programs and Financial Instruments for Ukraine
by
Olga Sych 1,* 
and Vira Kruhliakova 2
1 Financial Management, Ivan Franko National University of Lviv, Kopernika, 3, Lviv 79000, Ukraine
2 Financial Management, Ivan Franko National University of Lviv, Kopernika, 3, Lviv 79000, Ukraine
* Authors to whom correspondence should be addressed.
Abstract: European structural funds and financial institutions are the primary funding sources for strategic development initiatives, achieving sustainable development goals and implementing the Green Deal strategy in Europe. As Ukraine moves towards EU membership, it has the potential to use these new financial instruments to support its development projects, drawing on the experience of neighbouring countries such as Poland and the Czech Republic. The article evaluates the effectiveness of EU funding in Poland, the Czech Republic, and Ukraine. We built a regression model that assessed the impact of EU financial instruments on economic growth in Ukraine, Poland and the Czech Republic over ten years. A regression analysis of the relationship between financing through EBRD, EIB loans and indicators of GDP per capita, and foreign direct investment, showed a high level of correlation between these indicators in each country. The most significant impact on GDP is indicated by EBRD project financing in Ukraine. In addition, the growth of financing through European banks is a good sign for foreign investors. It contributes to their involvement in the country's economy, which is crucial for the recovery of Ukraine after the war. The study is of practical importance for improving Ukraine's reconstruction programs using diversified sources of financing.
Keywords: Cohesion Policy, Ukraine., Eu Programs, Grants, Eib Loans, Ebrd Loans
JEL classification: G28 - Government Policy and Regulation, O19 - International Linkages to Development • Role of International Organizations, R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
Received: 26 April 2023 / Revised: 15 August 2023 / Accepted: 21 August 2023 / Published: 27 August 2023
