The EEA and Norway Grants, funded by Iceland, Liechtenstein, and Norway, have two goals: to contribute to a more equal Europe and to strengthen relations between the donor countries and the 15 Beneficiary States in Europe. These grants aim to reduce social and economic disparities and enhance bilateral relations, ultimately leading to a more prosperous Europe. The EEA Grants and the Norway Grants are the two funding schemes under this initiative.

While the EEA Grants are jointly funded by all three donor countries, the Norway Grants are solely funded by Norway. The EEA Grants amount to €1. 5 billion for the 2014-2021 funding period and are allocated to 15 countries, while the Norway Grants amount to €1.

3 billion and are allocated to the 13 countries that joined the EEA after 2004. The decision-making bodies for these grants are the Financial Mechanism Committee and the Norwegian Ministry of Foreign Affairs respectively