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The aim of this article is to investigate how the use of financial instruments influences the development of Regional Development Funds (RFR) in Poland and to assess the maturity and coherence of the regional development financing system in this country.

The methodology is based on the multilevel governance literature and on data collected during 26 in-depth interviews in regional, national and international institutions.

The authors demonstrate that the use of financial instruments stimulates new kinds of cooperation between several institutions and contributes to the establishment of RFR. The authors also show that the Polish regional financing system is still developing and formulate recommendations about necessary improvements.

The main contribution of this article, in addition to taking up a new, relevant topic for the regional development policy in countries benefiting from European Union (EU) cohesion policy, is the application of the multilevel governance (MLG) concept to explain the development of the Polish regional development financing system. Moreover, the significant added value of this study comes from the use of data collected during 26 in-depth interviews (IDI) in regional, national and international institutions on the use of repayable instruments in regional development policy.