Under the EEA Agreement, Iceland, Liechtenstein and Norway are part of the EU's internal market. The EEA Agreement, which entered into force in 1994, sets out the common goal of cooperation to reduce social and economic inequalities in Europe and strengthening cooperation between donor and beneficiary countries.

Through the EEA & Norway Grants, Iceland, Liechtenstein and Norway have allocated €2.8 billion to 15 EU countries for this purpose. Norway provides almost 98% of this amount.

The EEA & Norway Grants are important tools in Norway's active European policy, which seeks to promote a green, competitive, inclusive Europe.

Through the EEA Grants, €116.7 million are available to Greece for the implementation of programs aimed at strengthening competitiveness and development, reducing social inequalities and promoting cooperation with Norway and the other donor countries.

The Memorandum of Cooperation concerning the administrative and regulatory framework of the Financial Mechanism of the European Economic Area 2014-2021 (EM-EEA) was signed on October 31, 2017 between the Hellenic Republic and the Donor Countries and designates KOPE as the Program Manager in the thematic area "Renewables Energy Sources, Energy Efficiency and Energy Security" with a total budget of €10,000,000 (contribution of EEA Grants €7,500,000 and PDE €2,500,000), while the additional amount of €50,000 is planned to be allocated from the Bilateral Relations Fund.