Fjárveitingar

Fjárveitingar are financial allocations provided as grants or subsidies to support specific activities, organizations, or individuals. In Icelandic usage, the term typically refers to funds given for a defined purpose that do not require full repayment, although some grants may include performance conditions or partial refunds if milestones are not met.

Fjárveitingar come from various sources, including government ministries, municipalities, public agencies, and foundations. They are used to support research, education, culture, environmental projects, social initiatives, entrepreneurship, and other public-interest activities. They can take the form of project grants, core or earmarked funding for institutions, stipends or scholarships, and matching funds that require additional contributions from the recipient.

The process usually involves an application or proposal, a defined budget, and evaluation by a committee or authority based on criteria such as merit, expected impact, feasibility, and cost-effectiveness. Decisions are made within the framework of annual or multi-year budgets, and grant recipients are often required to report on progress and outcomes. Transparency and accountability are maintained through public disclosure, auditing, and compliance with grant agreements.

Fjárveitingar differ from loans in that they are generally non-repayable or repayable only under specific conditions. They are part of broader public and private funding mechanisms designed to support non-profit activity, research and development, cultural heritage, and strategic priorities. The system aims to allocate scarce resources efficiently while ensuring oversight and measurable results.