European Commission earmarks €4.51bn for Latvia

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The European Commission (EC) adopted Partnership Agreements with the Baltic states on Friday, opening the door to funding worth more than €4.5 billion to Latvia.

Partnership Agreements are the highest-level planning documents for EU financial support for Latvia, Lithuania and Estonia.

Finance Minister Andris Vilks described the Partnership Agreement with the EC as “focused on sustainable growth and investment in human resources that will be of great benefit in the development of the national economy.” 

The Partnership Agreement between the EC and Latvia earmarks €4.51 billion in total Cohesion Policy funding, €1.07 billion for rural development and almost €140 million to support the development of the fisheries and maritime sector for Latvia over the next seven years (2014-2020). 

Of the Cohesion Policy funding total, €3.04 billion is set aside for less-developed regions (essentially the entire territory of Latvia), €1.35 billion for the Cohesion Fund (environmental, energy and transport infrastructure projects with trans-European significance), €93.6 million for European Territorial Cooperation, €29 million for the Youth Employment Initiative, and at least €629 million from the European Social Fund (for projects to promote employment and social inclusion).

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