THE ROLE OF THE COHESION FUND IN THE IMPLEMENTATION OF THE PROSPECTS FOR THE DEVELOPMENT OF THE EU REGIONS

The article describes the features of functioning, as well as the role of the cohesion fund in realizing the prospects for the development of the EU regions in the context of the function of stimulating economic development in the problem regions of the EU. Attention is focused on the use of this fund as a means of ensuring co-financing of projects for the development of problem regions of the EU, for which the limited resource base of development is the characteristic. The role of the cohesion fund as an investment instrument of the regional cohesion policy is that its use contributes to the restoration of the economic and social structure in the least developed regions of the member states, focusing on increasing the socio-economic cohesion of the EU and thus optimizing the use of resources, increasing competitiveness and economic modernization in the EU as a whole. An integral part of the regional policy of EU cohesion is the mechanism of influence on the socio-economic development of both regions and member states. The functioning of the EU cohesion fund encourages the use of diverse characteristics, resources and dispositions of the regions as factors of sustainability of economic growth in these regions and the EU as a whole.