The EEA Financial Mechanism and the Norwegian Financial Mechanism have their basis in the EEA Agreement. Under this agreement, Iceland, Liechtenstein and Norway are part of the European internal market. The agreement sets out the common goal of working together to reduce social and economic disparities in Europe and strengthening cooperation between European countries. For this purpose, the EEA Financial Mechanism and the Norwegian Financial Mechanism have been established. In total, Iceland, Liechtenstein and Norway have provided EUR 3.3 billion through consecutive grant schemes between 1994 and 2014.