Law on the Management of EEA and Norway Grants comes into force
On 23 May, the Law on the Management of Financial Instruments of the European Economic Area (EEA) and Norway drawn up by the Ministry of Finance (MoF) comes into force. The purpose of the Law is to determine general principles for the management of financial instruments in Latvia in a new period.
The institutions involved in the financial instrument management, their rights and obligations, procedures for decision-taking, and also delegation to the Cabinet (hereinafter - the Cabinet) to issue regulations regarding the financial instrument management, supervision, control, audit, programme implementation and other aspects related to the ensuring financial instrument management are determined by this Law.
The amount of the financial instrument funding of Norway and the EEA will be approximately 40% greater than in the previous period by providing significant aid for strengthening correction services and the system capacity of internal affairs, education and research, regional development and poverty reduction of Latvia, climate change management, entrepreneurship and cultural development, and also aid to non-governmental organisations and strengthening of bilateral co-operation and promoting proper work.
The Ministries responsible for each of the priorities shall prepare a conception of the programme which is to be submitted to the Cabinet, and also co-ordinated with donor countries. Along with the programme approval process, the MoF shall work with the establishment of the regulatory framework. The actual implementation of the projects is planned in 2019.