62 million euros of the funds will be used to support agricultural, academic and environmental collaboration between the two countries, the ministry wrote in a press announcement.
The agreement is expected to be signed by Portugal on Monday, reports NRK.
“Both Norway and Portugal have businesses that depend on the sea, an important driving force for the economy. We have a good collaboration today, and we wish to strengthen this partnership further through the new bilateral agreement,” said EEC and EU minister Frank Bakke-Jensen.
State-owned development company Innovation Norway will play a key role in planning collaborations between Norwegian and Portuguese partners, said the ministry.
“It is not just Norwegian businesses and research institutes that can participate in collaborative projects. There are also great opportunities for municipalities, charitable organisations and the cultural sector. Anyone who wants to help create a competitive and inclusive Europe is welcome to take part,” Bakke-Jensen told NRK.
Norway's participation in the European Economic Area gives it access to the European single market. Non-EU countries within the EEA provide funds to 15 other member states as part of the terms of their memberships.
Funds of 2.8 billion euros will be paid by EEA members for the period 2014-2021, reports NRK, with Norway covering 98 percent of this total and Iceland and Liechtenstein responsible for the remainder.