The paper analyzed the characteristics of financing of investment projects of agricultural enterprises. The priorities of state support for investment in modern conditions in Agroindustrial Complex are systematized. The algorithm for evaluating the effectiveness of investment projects is offered, it is aimed at the development of Agroindustrial Complex. The basic elements of financing investment in agriculture are examined. The development experience of financing package of investment projects is generalized. Sources of financing investments in agriculture and the influence on their formation at the micro and macro-level are systematized. The basic problems of using external sources of financing of agricultural enterprises are explored. The comparative evaluation method of the efficiency of external financing investment is offered. The calculating order of the effective interest on loans, borrowings and lease payments under different conditions and maturity is offered. Regional distinctions and marked priorities are included that will allow the use of state support of investment activity in modern world. The project efficiency appraizal algorithm is submited which includes two stages. On the first stage the project efficiency appraizal is conducted: social efficiency and commercial value is estimated. In terms of the main part of investment projects aimed at the development of agriculture is socially significant, a special role is options and features appraizal of the state support projects. The first step allows to create the conditions for potential investors search. On the second stage the sources and terms of financing are determined, participant composition is specified, financial implementation of the project. Is estimated it is important not only to develop an optimal financing scheme, but also to determine the financial feasibility and effectiveness of participation in the project for each participant, especially fiscal efficiency and social impact of the project.

There are few options to attract credits, loans and agroleasing that differ not only in conditions and contractors, but also in terms of contracts. The effective rate

for different options of attracting of external funding is proposed to rely on cash flow. This effective rate will allow to compare various options for borrowing funds and select the optimal one from the point of view of minimizing the cost of its involvement.

Among the borrowed resources budget and investment loans are allocated and also the agroleasing is assigned as a specific method for long-term financing of agricultural production, which is actively used in recent years. It is determined that the feature of the most attracted resources is their irrevocable basis, and the most popular measures of state support for investment in agriculture is reimbursement of interest costs for investment and compensation of investment costs for the priority projects.

It is found that the most significant funding sources are the profit and depreciation, the formation of which is closely related with the state of production, requiring renewal in most agricultural enterprises. The lack of sources for effective development require the necessity of the use of external funds: borrowed and involved.

There are proposals to intensify government support on competitive regional level farms which production has steady demand and their activity provides capacity utilization and related service industries which may referred to as "points of growth". State support and stimulation of investment funding will allow the competitiveness of agricultural enterprises and their production. This approach will ensure the implementation of the state program, combining and effectively using the financial resources of all potential investors of agroindustrial complex.

Key words: investment projects, investment, financing investment in agriculture, funding, government support for agriculture, the state program.