Transport, environmental and territorial development, social inclusion and education projects show the greatest progress in absorption of the EU funds in Latvia, according to the Finance Ministry report presented at the Cabinet of Ministers meeting on February 13th.
The ministry said that the overall progress in launching investment projects was very good. By January 24, 2018, projects with the EU co-financing worth more than EUR 2.5 billion have been launched which is more than a half of the total EU financing available to Latvia or EUR 4.4 billion.
“The greatest progress has been observed in the projects concerning transport, environment and territorial development, social inclusion and education. Procurement contracts have been signed for one-fourth of the projects under way which reduces the risk of uncertainty in the implementation plans,” the Finance Ministry said.
The focus will remain on facilitation of the project implementation, including improved compliance with the planned monthly progress.
In addition, the Central Finance and Contracting Agency this year will step up cooperation with the beneficiaries of the EU funds to improve the quality of project implementation.
By March this year the Finance Ministry is to submit to the government a semi-annual report about investment of the EU funds, including risk analysis, plans for 2018 and proposals for improving the quality of financial projections and financial discipline.