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EU funding plans target growth

  • 2014-02-12
  • From wire reports, RIGA

The Latvian government on Feb. 10 approved the Finance Ministry's program for the European Union's next planning period (2014-2020), titled ‘Growth and Employment,’ reports LETA. The program defines priority directions, goals and results for Cohesion policy funds.

Latvia will have access to a total of 4.4 billion euros from the European Social Fund, the European Regional Development Fund and the Cohesion Fund during this period.

Where is the money going?

Twenty-six percent of funds will be spent to promote sustainable transport and prevent deficiencies in main infrastructures. Twelve percent will be invested in education, skills and life-long education, 12 percent in environmental protection and resource efficiency, 11 percent in strengthening research and technology development, as well as innovations, 11 percent to support a transition to an economy with low carbon dioxide emissions in all industries.

Furthermore, 10 percent will go to facilitate social inclusion and combat poverty, 7 percent to raise competitiveness of small and medium-sized businesses, 4 percent to improve the use, availability and quality of information and communication technologies, 3 percent to promote employment and support labor mobility, 2 percent to adapt to climate changes, 4 percent to improve institutional capabilities and state administration.

Twenty-five percent of this funding are national initiatives, 27 percent transport initiatives, 24 percent business initiatives, and 24 percent local government initiatives.