EU Council signs the legislative package for Cohesion Policy 2014–2020

17 December 2013, Last updated at, 17:39 EET
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author: AFP/Scanpix

Lithuanian Finance Minister Rimantas Šadžius has signed the legislative package for Cohesion Policy 2014–2020 in the name of the EU Council on December 17 in Brussels.

The Lithuanian Presidency reached the agreement on the Cohesion Policy package for 2014–2020 with the European Parliament. This concluded the negotiations which lasted for more than two years. The European Parliament approved the legislative package on November 20 and the Council on December 16.

“The approval of the legislative package for Cohesion Policy 2014-2020 is long-awaited and very important news for all Member States. These regulations open the way for new investment of more than 325 billion euros from the beginning of 2014 in all European Union. They open new opportunities to promote growth and jobs,” said Minister Šadžius.

Cohesion Policy funding is one of the most important parts of the EU multiannual budget. The aim of the Cohesion Policy is to stimulate the social and economic development of EU Member States and regions by concentrating the resources on less developed countries, thus contributing to decreasing variations in development across the EU.

The Cohesion Policy Regulations set out innovations for 2014–2020 period aimed at improving the effectiveness and quality of investments from Cohesion policy funds, namely, to set clear priorities and concrete target results, improve coordination between different types of investment.

The package of these Regulations includes the general regulation covering five EU Funds and four specific regulations for the European Regional Development Fund (ERDF), the European Social Fund, the Cohesion Fund and ERDF investment for the European territorial cooperation.

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