EUR 1.875 billion has been reserved in Latvia’s 2021 state budget for various investments, according to information compiled by the Finance Ministry.
The 2020 budget had reserved EUR 1.786 billion for investments. This means the volume of money reserved for investments will increase by EUR 107 million next year.
EUR 547.5 million is planned to be diverted towards projects co-financed by European Union structure funds and Cohesion Fund. This includes EUR 84.5 million for projects headed by Cohesion Fund, EUR 363.6 million – for projects headed by European Regional Development Fund and EUR 99.4 million for projects of the European Social Fund.
Funding for support of agriculture and rural development is planned at EUR 213.7 million, this includes EUR 51.3 million for projects and activities of European Agriculture Guarantee Fund, EUR 131 million – for projects of the European Agriculture Fund for countryside development and EUR 31.4 million – for projects co-financed by European Fisheries Fund and European Maritime and Fisheries Fund.
For other EU projects and foreign financial assistance projects, Latvia’s state budget for 2021 has reserved EUR 208.7 million.
For projects co-financed by EU policy instruments and other foreign financial assistance projects that have yet to be confirmed, the funding of EUR 573.4 million has been reserved in the budget program Undivided funding for EU policies’ instruments and other foreign financial assistance for co-financed projects and activities.
Other state budget investments for 2021 are planned in the amount of EUR 332.1 million. This includes EUR 304.7 million for Defense Ministry to finance military service contracts of the National Armed Forces, EUR 12.3 million for Finance Ministry to finance State Real Estate projects and EUR 15.1 million for Transport Ministry to finance the new electric train procurement project. (BNN/Business World Magazine)