The overall objective of the European Economic Area (EEA) Financial Mechanism 2009-2014 is to contribute to the reduction of economic and social disparities within the EEA and to strengthen the bilateral relations between the Donor States and the Beneficiary State.

On April 28, 2011 the Memorandum of Understanding on the EEA Financial Mechanism 2009-2014 was concluded between the Republic of Latvia and Iceland, the Principality of Liechtenstein and the Kingdom of Norway.