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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 13:53

Growth and employment: investment programme worth €5.2 bln for 2014-2020

BC, Riga, 24.11.2014.Print version
European Commissioner for Regional Policy, Corina Cretu and Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen have welcomed the launch of the multi-fund Operational Programme ''Growth and Employment'' for investments into Latvia's regions through the European Regional Development Fund (ERDF), the Cohesion Fund, the European Social Fund (ESF) and the specific allocation for the Youth Employment Initiative (YEI).

The programme paves the way for an overall investment package with some €5.2 billion – with €4.4 billion coming from the EU to boost economic development and create job opportunities in the country, reports European Commission Representation in Latvia.

 

Commenting on the adoption, Commissioner Cretu said: "We have adopted an important investment programme for Latvia, which will boost competitiveness and growth in the country and at the same time will contribute to tackling unemployment.

 

The programme contributes to the European goals by channelling vital funding into research, development and innovation – helping the country reach its national Europe 2020 target of 1.5 % of the GDP invested in this sector. The programme will increase accessibility to high-speed broadband connection to at least 80% of Latvian households, with a particular focus on rural areas. Some €314 million will be invested in increasing competitiveness of small and medium-sized companies".

 

The Commissioner added: ''The OP funding also aims to support environmental measures and the shift towards a low-carbon economy. With investments in energy efficiency, these funds will contribute to reaching Latvia's national Europe 2020 target of renewable energy share of 40% by focusing on energy efficiency measures in housing and enterprises, supporting the use of renewable energy sources in district heating, as well as contributing to the development of low-carbon transport".

 

A significant amount of the programme funding will be used to develop sustainable and efficient transport infrastructure. Priority will be given to investments in the TEN-T rail and road infrastructure. The general objective is to improve mobility in the region and facilitate its economic growth.

 

Commenting the adoption, Commissioner Thyssen said: "The programme is crucial for promoting employment and social inclusion in Latvia. It will improve the country's labour market situation by providing people with relevant skills, supporting unemployed people in their job search and helping those furthest away from the labour market to find a job. The money will lend a significant support to meeting the Europe 2020 employment and poverty targets while focussing on the specific needs of the country. Investment in people is key to achieving sustainable and inclusive growth."

 

The programme will target in particular young people who are not in education, training and employment. Investments in education, skills and lifelong learning will be made together with the reforming of the higher education sector. In addition, ESF will promote vocational education and training, with focus on work-based learning. It will also support comprehensive career guidance.

 

The funds will support the fight against poverty through targeted measures for integration of the disadvantaged in the labour market and society and transfer to community-based care of children and adults with disabilities. Moreover, ESF will promote a better access to health care for the socially and territorially excluded.






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