Ukraine's regions should raise more private investment in various projects aimed at their effective development, Ukrainian Deputy Prime Minister Oleksandr Vilkul has said.

"We should increase private investment in development projects for regions. This is a European practice of public and private partnership," Vilkul said during a roundtable meeting entitled "Draft Concept of Local Government Reform and Territorial Organization of the Authorities in Ukraine: Ways for its Introduction" on Wednesday.

He also said that local development projects should be funded more effectively, in particular via the state-territory-community-international financial institutions-local businesses co-funding principle.

Vilkul stressed the importance of improving effectiveness of use of the State Fund for Regional Development.

"On the one hand, we need target orientation in providing aid, and on the other hand, we need a system that takes into account development strategies increasingly from the community to the city, district, region, Ukraine," Vilkul said.