EEA Financial Mechanism

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.

According to the Memorandums of Understanding around €31.96 million (~22.5 million Lats) from the EEA Financial Mechanism and around €35.52 million (~24.9 million Lats) from the Norwegian Financial Mechanism will be accessible to Latvia in the 2009-2014 planning period.

The Memorandums of Understanding define the rights and obligations of the Donor state and the Beneficiary states, as well as the framework of implementation of the Financial Mechanisms in Latvia, their priority areas with the programmes to be carried out within them, and the financing they shall receive within the 2009-2014 planning period.

One of the priorities that have been set out for receiving the EEA Financial Mechanism support is “protection of cultural heritage”. Within this priority the programme “Conservation and Revitalization of Cultural and Natural Heritage” has been elaborated and is being implemented that envisages financial support for activities such as conservation of Art Nouveau and wooden architecture and cultural exchange projects.

Financial resources in the amount of €11 787 648 have been allocated for the implementation of the Programme, from which 85% or €10 019 500 comes from the EEA Financial Mechanism and 15% or €1 768 147 from the national state budget.

For more information about the EEA Financial Mechanism, please visit http://eeagrants.org