On 26 May 2016 the Donor States (Norway, Iceland and Lichtenstein) signed the agreement with the European Union (EU) on the allocation of the financial assistance for the implementation of the EEA Financial Mechanism and Norwegian Financial Mechanism in the period 2014-2021. The overall objectives of the Financial Mechanisms 2014-2021 are to contribute to the reduction of economic and social disparities within the EEA and to the strengthen bilateral relations between the Donor States and the Beneficiary States.
The allocation of the Financial Mechanisms 2014-2021 will be available for 15 EU member states – Latvia, Estonia, Lithuania, Poland, Czech Republic, Slovakia, Hungary, Slovenia, Romania, Bulgaria, Greece, Spain, Portugal, Cyprus and Malta – in total amount of 2,8 billion EUR.
Implementation of Financial Mechanisms in Latvia
On 14 December 2017 the Donor States (Norway, Iceland and Lichtenstein) signed the Memorandums of Understanding (MoUs) with Republic of Latvia on implementation of the EEA Financial Mechanism and Norwegian Financial Mechanism, where allocation for Latvia is 102.1 million EUR, which is 29.15 million EUR or 40% more than it was in the period 2009-2014.
Both Financial Mechanism in Latvia will be implemented by Programme operators through a programme approach, thus ensuring more efficient implementation and more targeted support in priority areas. According to the signed MoUs, following programs will be implemented: