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Broks: Latvia could lose LVL 5 million if it fails to uptake all EU appropriations

By Editor . 21.08.2008

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Failing to uptake all the allocated European Union (EU) appropriations, Latvia could lose approximately LVL 5 million, as European Union Funds Administration Minister Normunds Broks (For Fatherland And Freedom/LNNK) said in an interview to the newspaper Latvijas Avize.

He admits, however, that the number is a rough estimate.
"We are doing everything to use as much EU funding, as possible. However, I believe, some percentage of the EU money will not be used. Very few countries have managed to use all the grants allocated as Ireland did it," the minister said.
 
According to Broks, there is no confirmation yet on the exact percentage of the EU funding that will not be used due to uncompleted projects.
 
Deadline for most of the EU projects is set at the end of August 2008, however, the government has prolonged the deadline until the end of October for a number of large projects. By the middle of 2008, 76% of EU funding was allocated already. Judging from the data on projects that are currently underway, it can be estimated that approximately 85 to 90% of the total EU appropriations will be uptaken by the end of this year, Broks notified.