This article was featured in Eurofish Magazine 3 2025.
On 29 April, the government approved amendments to the rules on granting State and European Union support for rural development and fisheries, which simplify the conditions for receiving funding from the European Agricultural Fund for Rural Development (EAFRD) and the European Maritime, Fisheries and Aquaculture Fund (EMFAF). These amendments are aimed at improving access to finance for beneficiaries and reducing the administrative burden. From now on, applicants will also be able to receive funding on payment accounts opened with payment service providers, not only with credit institutions. This provides greater flexibility and is in line with modern financial services regulation in Latvia. The provisions on the monitoring period for financial leasing have also been revised. Depending on the duration of the lease, the monitoring period may be reduced to four or three years, thus reducing the administrative burden for beneficiaries. The amendments also provide that rural development measures or projects approved by local action groups will be eligible for an advance of up to 40% of the aid amount without a guarantee from a credit institution, if the request is considered justified by the Rural Support Service.