European Regional Development Fund (ERDF): Money from the European Regional Development Fund is available for all three of the objectives.There is a myriad of different ‘structural funds’ available to the regions from the European Union. Here we will focus on the three most important:
- Cohesion Fund: The Cohesion fund refers to European finance available to those states who’s GNI (Gross National Income) is less than 90% of the EU average. The cohesion fund is applied in addition to the ERDF. The 15 counties that are eligible for the cohesion fund are the 12 most recent additions to the EU, plus Greece, Crypus and Spain.
- The European Social Fund (ESF) applies in the framework of the convergence and the regional competitiveness and employment objectives (so across the whole EU). It is designed to increase citizen’s employability, education, skills and job numbers across the union. The ESF is the union’s main tool for investing directly in citizens.