Published: 22.06.2021.
Updated: 24.08.2023.
Translated by machine translator

The Central Finance and Contracting Agency (CFCA) is a direct management institution subordinated to the Minister of Finance. The Minister of Finance exercises subordination of the institution via the Ministry of Finance. 

The basic work of the agency is the management of foreign investments for Latvia's growth, and within this framework, the basic principles of the agency's work are the approach of the "consult first" principle, reliability, efficiency and zero tolerance for fraud and corruption.

CFCA functions

  • functions stipulated for a cooperation institution for implementation of the EU funding for 2021 – 2027;
  • ensuring inspections of the implementation of planned reforms and investments and selection of investment project applications within the framework of the Latvian Recovery Fund (Recovery and Resilience Facility - RRF) (if required by regulatory enactments);
  • Development Cooperation Agency functions in Latvia;
  • functions stipulated for a cooperation institution for implementation of the EU funding for 2014 – 2020;
  • functions of a Public and Private Partnership (hereinafter – PPP) supervisory institution and functions of a competence centre; 
  • functions for implementation of the Swiss – Latvian cooperation programme delegated by the managing institution;
  • post-monitoring of the EU funding for 2007 – 2013 and the European Economic Area and Norwegian Government Bilateral Financial Mechanism 2004 – 2009 programming period (hereinafter EEA and Norwegian Government Bilateral Financial Mechanism (2004 – 2009)), implementation of observation of specific provisions and supervision of project result sustainability.

Mission

Reliably and efficiently manage foreign public investments for Latvia's growth.

Vision

Competent partner in public investment management.

Priorities

We are all interested in Latvia being able to invest the financing of EU funds in the development of the national economy as efficiently as possible. In order to achieve this, our contribution as a cooperation institution in the implementation and monitoring of these investment projects is also essential.

  1. Therefore, one of the main priorities is meaningful and high-quality support for project implementers, by educating, advising and providing support, in order to promote project implementers' understanding of project implementation issues, reduce the risks of errors, and help reach a successful and timely result - the "consult first" principle.
  2. Our performance is the success and credit of our employees and we prioritize competent, development-oriented employees in a supportive environment.
  3. The fast and changing rhythm of today's life highlights the need for the ability to keep up with the times, not to be afraid of changes and to integrate innovative solutions into our everyday life, and we prioritize the development of the digital ecosystem.
  4. In its more than 25 years of existence, the agency has proven itself as a stable and reliable partner that can be trusted, the range of our services and competence expands every year, the demand for the agency's service is an honor, at the same time, the possibilities of expanding functions are evaluated and therefore set as an important priority in our strategy development cooperation and expertise competence center function.
  • to implement and monitor programmes and projects within its competence pursuant to the procedure provided in the laws and regulations;
  • to ensure execution of duties of the officials provided in the laws and regulations, as well as the public laws on issues within the institution’s competence;
  • to draw up and implement database and archive of the programmes and projects within the institution’s competence;
  • to draw up proposals regarding improvement of the system for implementation and supervision of programmes and projects within the institution’s competence;
  • to carry out informative and consultative activities to ensure implementation of the programmes and projects within the institution’s competence;
  • to cooperate with the state administration bodies, foreign institutions and natural persons;
  • to carry out other tasks related to implementation and supervision of programmes and projects within the institution’s competence.
  • GROWTH
  • COOPERATION
  • STABILITY
  • INTEGRITY

CFCA is accredited in accordance with requirements of the European Commission to administer:

  • Phare and Transition Facility programme in accordance with the Extended Decentralized Implementation System;
  • European Regional development fund for the 2004 - 2006 programming period;
  • EU structural funds and Cohesion fund for the 2007 - 2013 programming period;
  • EU structural funds and Cohesion fund for the 2014 - 2020 programming period;
  • EU structural funds and Cohesion fund for the 2021 - 2027 programming period.

In the beginning CFCA was responsible for three programmes with the total funding in amount of 28 million euro that were administered by five employees. In 2022 over 400 employees are responsible for financial instruments in amount of almost 6 billion euro.

In October 2015 CFCA received certificate a for compliance with the ISO 27001:2013 – information security management – standard, thus ensuring the necessary security measures for maintenance of the 2014 – 2020 Cohesion policy fund information system.