The project Development of a modern model of didactics based on the experience of Bifröst University (Iceland) and the Faculty of Economics of UMCS (Poland) is financed by the EEA Financial Mechanism 2014-2021 and national funds, under the Education Program, Component II - Mobility in Higher Education.

The EEA Funds represent the contribution of Iceland, Liechtenstein and Norway to creating a green, competitive and inclusive Europe.

There are two overall goals: to reduce economic and social inequality in Europe and to strengthen bilateral relations between the Donor States and the 15 EU countries of Central and Southern Europe and the Baltic Sea area.

The three Donor States work closely with the EU under the European Economic Area (EEA) Agreement.

The Donors have provided €3.3 billion in consecutive fund programs between 1994 and 2014. The EEA funds for 2014-2021 amount to €1.55 billion.

Priorities for this period are:

1. innovation, research, education and competitiveness;

2. social inclusion, youth employment and poverty reduction;

3. environment, energy, climate change and low-carbon economy;

4. culture, civil society, good governance and fundamental rights;

5. justice and home affairs.

The EEA Funds are jointly funded by Iceland, Liechtenstein and Norway, whose contribution is based on their GDP.

Eligibility for the funds is based on meeting the criteria set out under the EU Cohesion Fund intended for member states with a gross domestic income per capita of less than 90% of the EU average.