EU and EFTA sign EEA financial mechanism agreement for 2021-2028

The European Union and the EEA EFTA States have formalized an agreement regarding the EEA Financial Mechanism for the period from May 2021 to April 2028. This agreement includes a financial commitment exceeding €1.8 billion aimed at supporting various schemes in 15 Beneficiary States, which include nations like Bulgaria, Croatia, and Romania. Additionally, the Norwegian Financial Mechanism will provide over €1.4 billion to 13 EU Member States that joined the EU after 2004. The signing of this agreement marks a significant milestone, coinciding with the 30th anniversary of the EEA Agreement. EU Commission Executive Vice-President Maroš Šefčovič emphasized the importance of this signature, highlighting the benefits that EEA EFTA States gain from their access to the EU single market. The financial mechanisms are designed to address economic and social disparities within the EEA, aligning with the EU’s Cohesion Policy goals. The thematic focus of the financial mechanisms includes promoting the European green transition, upholding democracy, ensuring rule of law and human rights, and fostering social inclusion and resilience. These initiatives aim to create a more balanced economic landscape across the EEA, ultimately benefiting both the EFTA States and the EU. As the implementation of the supported programs and projects begins, the expectation is that these financial contributions will lead to tangible improvements in the economic and social conditions of the Beneficiary States, thereby enhancing overall stability and cooperation within the region.