EU – Baltic States, Financial Services, Funds, Investments, Latvia

"Foreign Assistance has become the main investment money," academician Urmas Varblane said at a financial conference in spring. "Thanks to the foreign support, it has been possible to run the state and many of the reforms have not had to be done," he added.

Since 2000 until the end of 2013, Estonia received over 6 billion euros of support from the European Union, or 4,552 euros per capita.

Switzerland and Norway, that are not EU members, have supported Estonia with tens of millions of euros; in addition, Iceland and Liechtenstein have supported Estonia.

Outside the EU, support money comes to Estonia within the framework of three cooperation programmes: the programme of cooperation between Estonia and Switzerland, support by Norway and support by European Economic Area, where also Norway is the largest donor.

In the years 2009-2014, Estonia has received support of 21 million euros from the European Economic Area, 23.7 million in grants from Norway and 33 million euros of grants from Switzerland.

The Swiss grant programmes expire this year and next year, the specific projects have to be completed; Norwegian aid programs last until 2016.

The aim of three programmes is to reduce the social and economic inequalities in states that joined the EU in 2004 and later as well as Greece, Portugal and Spain.

The continuation of the programmes for further periods is currently unclear. There are talks over extending Norway and EEA supports till 2019. As far as the Swiss relief, the European Union is negotiating a larger package and it is likely to be put in Switzerland in 2016 referendum.