site.btaMemoranda of Understanding on Implementation of Financial Mechanisms Signed with Iceland, Liechtenstein, and Norway

A total of EUR 260 million has been earmarked to help reduce socio-economic disparities in Bulgaria via the European Economic Area (EEA) Financial Mechanism and the Norwegian Financial Mechanism 2021-2028. The Ministry of Innovation and Growth announced on its official website on Wednesday that this had been agreed at the signing of the Memoranda of Understanding between Bulgaria and Iceland, Liechtenstein, and Norway on the implementation of both mechanisms.

The Memoranda include programmes that contribute to areas such as energy security, sustainability of water resources, green business innovation, sustainable local development, the rule of law, national asylum and migration system, and cultural heritage.

The agreed funds form part of a framework agreement by the Council of the EU on the EEA Financial Mechanism and the Norwegian Financial Mechanism. Fifteen EU countries will have access to a total of EUR 2,8 billion to implement projects and programmes. Bulgaria is the third-largest beneficiary after Poland and Romania, with implementation continuing until April 30, 2031. More than 300 projects were successfully implemented during the previous funding period. 

Prior to the signing of the memoranda, the Bulgarian Foreign Minister, Georg Georgiev, met with the Norwegian Ambassador to Bulgaria, Hilde Lunde. During their meeting, they identified the Norwegian Financial Mechanism and the European Economic Area Financial Mechanism as a solid basis for deepening bilateral cooperation through the financing of projects in areas such as the green transition, democracy, the rule of law, human rights, social inclusion and sustainability.