EU – Baltic States, Financial Services, Funds, Latvia, Legislation, Markets and Companies

The Partnership Agreement lays down the strategy for the optimal use of European Structural and Investment Funds to benefit the country's regions and people.

The agreement paved the way to invest in Lithuania LTL 23.54 billion (EUR 6.82 billion) in total Cohesion Policy funding over 2014-2020 (current prices, including European Territorial Cooperation funding), LTL 5.55 billion (EUR 1.61) billion for rural development and LTL 217 million (EUR 63 million) to provide funding for the development of the maritime sector and implementation of the Common Fisheries Policy.

The EU investments will improve economic productivity in the Baltic States, promote innovation and R&D investments and contribute to the creation of a modern, sustainable and efficient transport system. They will contribute to a balanced territorial development and the creation of an environmentally-friendly and resource-efficient economy, aiming to create quality jobs and fight social exclusion. The investments will also enhance the quality of the education system and the effectiveness of public administration.

The three Partnership Agreements for the Baltic States will formally be delivered by President of the European Commission Jose Manuel Barroso to the Prime Ministers of Latvia, Lithuania and Estonia in Tallinn on 21 June.

The European Structural and Investment Funds (ESIF) are: the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Maritime and Fisheries Fund, and the European Agricultural Fund for Rural Development.

"This Partnership Agreement opens up new possibilities for the absorption of EUR 4.4 billion for the Cohesion Policy and EUR 1 billion for rural development policy," Finance Minister Andris Vilks (Unity) informed the press.

Latvia is one of the first countries to have its Partnership Agreement approved by the European Commission.

Vilks expressed gratitude to everyone who worked on this agreement. The priorities listed in the agreement, focus on viable growth and investment in human resources will greatly benefit Latvia's national economy.

"We are ready to continue actively work on the Operational Program in order to implement specific projects in Latvia in the near future," Vilks added.