Cabinet Divides €6 Billion EU Funds

Courtesy of the Ministry of Finance
2/25/2014 3:15 PM
Category: Economy

The government today agreed how to spend the 5.9 billion euros of EU funds the nation is set to receive during the 2014 to 2020 budget period.

“The (EU) budget negotiations were very successful for Estonia and the whole of Europe. Estonia will receive 5.9 billion euros, while contributing 1.4 billion euros,” Estonian Prime Minister Andrus Ansip said at a press conference today.

Ansip said that in addition to the 5.9 billion euros, the EU will also subsidize the Rail Baltic project, which will receive one billion euros, and a prospective high-voltage link with Latvia.

Compared to the previous 7-year budget period of 2007 to 2013, Estonia will receive 1.3 billion euros more.

Rural development will see its budget increase slightly from 726 to 766 million euros, while funds for agricultural subsidies will double from 503 to 1,007 million euros. The Social Fund will increase by 198 million euros to 588 million.

The Regional Development Fund will increase by only 13 million to 1,873 million euros, while the Cohesion Fund will decrease to 1,073 million from 1,150 million euros of the previous period.

Another 629 million euros will be available for other projects.

The budget will have to be approved by the European Commission.


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