The European Union offers various funding opportunities for Greenlandic projects.
Multiannual Financial Frame - MFF
The MFF is the EU's financial framework for the period 2014-2020. The maximum amount that will be spend in the current framework is 960 billion euro. The focus of the next seven years will be on sustainable, smart and inclusive growth.
Greenland will receive an indicative amount of 217.8 million euro under the current framework. The financial support, which is allocated through the Partnership Decision, shall bring a European perspective to the development of Greenland and will contribute to strengthening the long lasting ties with the EU.
European Development Fund (EDF)
The EDF provides financing to external regions, including the OCT's. The EDF aims to secure economic, social and human development and regional cooperation and integration.
Through the EDF the OCT's are allocated 364.5 million euros, from which they can apply for financial assistance. Greenland receives its financial assistance through budget support according to the Partnership agreement, and is not eligible for budget support from the EDF. However, 16-18 million euros are available for regional cooperation, which Greenland can apply for. Initiatives must support regional cooperation and integration within the themes of environment and climate change.
Greenland's access to EU Programs
Natural persons from an OCT and relevant public or private bodies and institutions are eligible for participation and funding from the Union Programmes. OCTs are also eligible for support under programmes of the union for cooperation with other countries, notably developing countries. The funds are in principal allocated to initiatives, and not operational costs and administration. The initiatives shall be limited in time span and meet the regulations and standards of the member state. Through these programs Greenland has participated in projects that focus on science, but also the energy and business sectors have been involved in EU programs. You can read more about EU programs on Greenland Business' website.
Greenland's loan opportunities in the European Investment Bank (EIB)
EIB is owned by the 28 EU Member States. The EIB loans out money at a low interest rate. Usually the EIB supports projects that develops infrastructure, energy supplies or environmental standards. However, the EIB also supports non EU countries, such as neighboring states or developing countries. According to the OCT association agreement with the EU, the EIB makes 100 million euros available exclusively for the OCT's within 2014-2020. This means that Greenland can apply for money from the EIB, which supports Greenland's economic and industrial development. This can both be in the form of venture capital or to facilitate regular loans in Greenland. The funds are primarily directed towards the private sector and productions businesses. The specifications of EIB opportunities are layed out in the OAD in Annex 3 and 4. Read more about the EIB on their website.