The non-reimbursable funds received by Romania through the Norwegian and EEA Financial Mechanisms for 2014-2021 increased with EUR 196 million compared to the former programming period.
On 3 May, both the Agreement for the EEA Financial Mechanism between the European Union and the EEA States and the Agreement on the Norwegian Financial Mechanism between Norway and the European Union for the period 2014-2021 were signed.
The two Financial Mechanisms, more commonly known as the "EEA Grants" and "Norway Grants", maintain the general objectives consisting in sustaining the economic and social cohesion in Europe through economic growth and sustainable development and aim at both reducing social and economic disparities in the European Economic Area and strengthening bilateral cooperation between the Donor and the Beneficiary States.
Romania will benefit from an increased financial allocation of EUR 502 million, compared with the previous financial allocation for 2009-2014 of EUR 306 million, having in mind that the new Grants assigned by Iceland, Liechtenstein and Norway were increased to almost EUR 3 billion for a 7 years implementation period.
A new fund for regional cooperation has also been established, a large proportion of which will be used to promote sustainable youth employment.
The funding has as target five priority sectors, as follows: Innovation, Research, Education and Competitiveness; Social Inclusion, Youth Employment and Poverty Reduction; Environment, Energy, Climate Change and Low Carbon Economy; Culture, Civil Society, Good Governance, and Fundamental Rights and Freedoms; Justice and Home Affairs.
Following the signing of the two Agreements, the Donor States will sign with each of the 15 Beneficiary States, a Memorandum of Understanding, for each Financial Mechanism, specifying the set of programmes to be implemented.