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The article dwells upon modern approaches to determining the prospects of cooperation with specialized financial institutions for development in the interests of supporting economic growth. It is noted that the negative attitude to the prospects of cooperation with the financial aid institutions does not deny their potential. The modern economic relations give reasons to consider development finance institutions as a promising direction for rationalizing the financial openness of economies with an underdeveloped market environment. Involvement of development finance institutions into the economic policies, in the framework of special state programs, is able to extend the capacity of overcoming structural and functional defects of the underdeveloped financial sector that are immanent for the transitive economies. Cooperation with the financial institutions for development helps to overcome information asymmetry, to strengthen competition, to grow market institutions and implement non-speculative counter-cyclical measures for innovative development and industrialization. Paper analyses characteristics of cooperation between Ukraine and international development financial institutions. Also, author offers possible directions of maximizing the effectiveness of international financial support through the activities of national development finance institutions. The functionality and perspective directions of interaction of such institutions, tools and necessary prerequisites for raising their productive activity have been substantiated. Among this, the primary focus should be made not on the redistribution of financial resources, but rather on the intensification of attracting investment funds for the state economic development programs. Important functions of national development institutions at this stage are: establishing information and organizational support for international investment projects in Ukraine in order to develop the institutional environment of the financial sector, to restore investment attractiveness and to streamline the structure of financial openness.

Development finance institutions and their role in increasing efficiency of capital flows