Rola instrumentów inżynierii finansowej w alokacji funduszy Unii Europejskiej

The aim of this paper is to present an alternative financing mechanism that could be used in the next programming period. The first section briefly examines the main differences between a financing system that is based on grants and one that is based on financial instruments. Next, the author describes the financial engineering instruments used at the national and EU levels. The final section assesses the advantages and disadvantages of financial mechanisms that combine financial instruments with private capital. As the SWOT analysis shows, the financial engineering instruments could be effectively used to increase the absorption of EU funds in the period 2014–2020.