Financing Agreement is signed

At the European Union - Russia Summit held in Stockholm, Sweden on 18 November 2009, the Financing Agreements for five Cross Border Cooperation programmes, including Estonia – Latvia – Russia Cross Border Cooperation Programme 2007- 2013 within European Neighbourhood and Partnership Instrument (hereinafter – Programme), were signed.

The process of harmonisation of text of the Financing Agreement was rather complicated. Several meetings among representatives of the European Commission, the Russian Federation and the European Union Member States involved in the implementation of the Cross Border Cooperation Programmes were held during 2009, to reach common understanding on provisions of the Financing Agreement. 

Signing of the Financing Agreement serves as confirmation for Programme participating countries – the Republic of Estonia, the Republic of Latvia and the Russian Federation to starting implementation of the Programme.

Ministry of Regional Development and Local Governments of the Republic of Latvia fulfil functions of the Joint Managing Authority for the Programme is responsible for its management and implementation.

For joint project implementation the Programme foresees European Community funding in amount of EUR 47.77 million, additional allocated financing from the Republic of Estonia in amount of EUR 9.40 million and the Russian Federation co-financing in amount of EUR 15.90 million.

The projects financed by the Programme have to facilitate the strategic objective of the Programme – promote joint development activities for the improvement of the region’s competitiveness by utilising its potential and beneficial location in the cross roads between the European Union and Russian Federation.

Information on the Opening Event of the Programme, on the Launching of the First Call for Proposals, as well as on other Programme events will be published in the Programmes website.