On Friday, 21 October, the European Commission (EC) officially approved the Latvian Partnership Agreement for the European Union (EU) investment funds programming period 2021-2027, prepared by the Ministry of Finance (MoF). The Partnership Agreement sets out the strategy, priorities and procedure of Latvia as regards an efficient and effective use of the EU funds in the new programming period by ensuring coordination and mutual synergy of all investments.
“The Partnership Agreement approved today by the EC has opened up the possibility to receive another large cohesion policy financing in the amount of more than EUR 5.4 billion* for the development of the Latvian economy during the next seven years. This is the most important investment in Latvia, which makes up the largest part of the total public financing and allows to substantially bring the standard of living in Latvia close to the EU average,” emphasises the Minister for Finance J. Reirs. At the same time, he indicates that substantial work by all involved parties has been invested in the development of the Partnership Agreement, which should be actively continued to receive, already by the end of the year, a positive decision of the EC on the approval of the EU Cohesion Policy Programme 2021-2027 and to rapidly commence the implementation of the investment programmes and projects.
The Partnership Agreement ranks at the top of the hierarchy of the documents summarising investments and was developed based on the priorities and targets set in the National Development Plan for 2021-2027. It includes the EU fund** support in Latvia, and the priority directions defined in it are centred on achieving results which would bring the largest value added for the development of the economy while facilitating the achievement of cohesion policy targets. A significant section of the Partnership Agreement relates to an integrated approach to territorial cooperation by specifying mechanisms of national and regional level for coordination between EU funds and other EU and national financing instruments.
It is intended to channel the EU cohesion policy investments of 2021-2027 to six main directions. The first one – a smarter Europe – provides for innovative and smart economic changes, development of research and skills, support for entrepreneurship and digitalisation. The second direction – a greener Europe – provides for a transition to climate neutrality by adapting to climate change and implementing an environmental protection policy. The third direction – a more connected Europe – concerns facilitating the development of safe, sustainable and accessible transport. The fourth investment direction – a social and inclusive Europe – focuses on providing equal opportunities and access for the Latvian population to education, healthcare and labour market. The fifth direction – a Europe closer to citizens – will promote a sustainable and balanced regional development. Finally, the sixth direction provides for support for overcoming socio-economic difficulties in connection with transition to climate neutrality.
The Ministry of Finance as the managing authority (MA) for EU funds, in cooperation with the Ministry of Welfare as the MA for the Fund for European Aid to the Most Deprived, the Ministry of Agriculture as the MA for the European Maritime, Fisheries and Aquaculture Fund, the Ministry of the Interior as the MA for the Asylum and Migration Fund, the Internal Security Fund and the Border Management and Visa Instrument, and the Ministry of Environmental Protection and Regional Development as the national responsible authority for the European Territorial Cooperation, as well as in cooperation with other responsible sectoral ministries and social and cooperation partners, worked intensively on the development of the Partnership Agreement for more than a year.
The approved Partnership Agreement for European Union investment funds programming period 2021-2027 is available on the EU fund homepage.
*The Partnership Agreement covers three programmes in total for the total financing of EUR 5.4 billion, incl. national co-financing.
**The Partnership Agreement covers the EU Cohesion Policy Programme for 2021-2027 (European Social Fund Plus, European Regional Development Fund, Cohesion Fund, Just Transition Fund), the ESF+ Programme for Reducing Material Deprivation (European Social Fund Plus), the Action Programme for Fisheries Development 2021-2027 (European Maritime, Fisheries and Aquaculture Fund).