Demand for support for green innovation and ICT development twice the level of support available - EEZ un Norvēģijas finanšu instrumenti
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Business Development

Demand for support for green innovation and ICT development twice the level of support available

On 31st August, the application for the Norwegian Financial Mechanism Programme “Business Development, Innovation and Small and Medium Enterprises”, administered by the Investment and Development Agency of Latvia (LIAA), for the development of green innovation and ICT products was completed. A total of 36 project applications have been received, while support up to €130 thousand will be eligible for only half of the projects submitted.

“With the Norwegian Financial Mechanism Programme, we want to motivate entrepreneurs to think about how to reorganize their daily processes in order to introduce green innovation and digital solutions. Sustainability is currently one of the central issues facing every company in the near future. Both customers and funders and partners will assess long term value,” stresses Director General of the LIAA, Kapars Rožkalns.

The total funding of the Norway grants scheme is €1.7 million, and entrepreneurs can receive support for one project ranging from €10 to €130 thousand. In total, 36 applications are received, with twice the aid available at EUR 1.7 million. 14 projects are submitted in the area of green industry innovation, while there are 18 project applications in the area of information and communication technologies. Applications of four projects relate to both areas. In the programme, entrepreneurs will receive support for the development, testing, certification of the new product, and strengthening the intellectual property rights of the developed product, allowing entrepreneurs to feel safer about their inventions and their protection.

“It is positive that more than half of the project applications submitted are in partnership with the representatives of Norway. Norwegian partners will help Latvian entrepreneurs in developing new products by sharing their knowledge and expertise. It is very positive that several projects include cooperation between the Latvian entrepreneurs with both national and Norwegian scientific institutions, thereby promoting international cooperation in the development of new and innovative products. These partnerships are essential both in the development phase of the new product prototyping and also open up opportunities for further cooperation after the projects have been implemented,” stresses Head of Norwegian Financial Mechanism Department, Janis Ločmelis.

The selection and evaluation of projects will occur by the end of 2021 and contracts with project promoters will be concluded in early 2022 to implement projects. The Norway grants Programme promotes bilateral cooperation and the development of partnerships between Latvia and Norway, allowing both internationally recognised specialists in the science sector and potential partners and investors to be attracted to the projects.

More information on the Norway grants Programme is available under the “Business and Innovation” section of the www.norwaygrants.lv website.

The total grant of Norway under the “Business Development, Innovation and Small and Medium Enterprises” programme is €12.5 million, while the Latvian State co-financing is €2 205 882.

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