EU – Baltic States, Financial Services, Funds, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2019, 08:11

Latvia has absorbed all EU funding allocated in programming period 2007-2013

BC, Riga, 09.08.2018.Print version
Latvia has received and used up all financial support from the European Union’s funds that was made available to Latvia in the programming period 2007-2013, the Finance Ministry said in its monthly report on progress in the implementation of the cohesion policy and EU-funded projects, informed LETA/BNS.

With the previous programming period successfully completed and work on the current programming period’s projects gathering speed, Latvia received a significant sum from the European Commission in July and August – EUR 297 mln in total.

“Latvia has received from the European Commission all the final payments for implementing EU-funded projects in the programming period 2007-2013. Latvia has thus successfully completed its first full EU programming period. The achieved results are a well-done teamwork, for which we can thank each individual involved in the absorption of EU funding. During this time, we have acquired extensive experience for the future and each resident of Latvia can directly or indirectly enjoy the fruits of EU funds’ investments,” said Finance Minister Dana Reizniece-Ozola.

Latvia has received and absorbed 100% of the EU funding that was made available in the programming period 2007-2013. The European Commission has released to Latvia EUR 85.6 mln from the European Regional Development Fund (ERDF) under the Infrastructure and Services program and EUR 77 mln worth of final payments from the Cohesion Fund. Latvia has also received EUR 34.8 mln from the ERDF under the Entrepreneurship and Innovation program. As reported, in December 2017 Latvia received EUR 29.2 mln from the European Social Fund for a successful implementation of the Human Resources and Employment program.

To fully meet its obligations to the European Commission regarding the EU funding received for the previous programming period, Latvia has to report by March 31, 2019 on the completion of two major development projects – construction of a new block of Pauls Stradins Hospital in Riga and infrastructure development for the relocation of port operations from the city center to Krievu Sala in Freeport of Riga territory.

While the construction of the new hospital block has been successfully completed and the European Commission is expected to decide on releasing EUR 24 million worth of co-funding after receiving the report, the Finance Ministry says that the Krievu Sala infrastructure project is still in a “high-risk zone” as very little time has been left to meet the completion deadline, which is necessary to receive the allocated EUR 75.8 mln co-funding.

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