The Swedish-Icelandic Collaboration Fund was established in 1995 following a gift from the Swedish government on the 50th anniversary of the republic of Iceland in 1994. This present to the nation was a monetary sum to be used to support the two nations' cultural exchanges and laid the foundation for the Fund. The Fund's aim is to promote Swedish-Icelandic cooperation and mutual cultural exchanges.
Grants are allocated from the Fund for various cooperative projects, such as in the fields of science; social work; educational matters; and cultural matters. Funding is provided to individual projects of different types, though for the last few years the Fund has only allocated travel grants. Allocations are decided by the board of the Fund, which is made up of three individuals from each country. The size of an individual allocation ranges between approximately 210 USD and 730 USD (2000 SEK to 7000 SEK).
The Swedish-Icelandic Collaboration Fund has provided a solid foundation for collaboration and shared cultural expressions between the two nations. Through the Fund, collaborative projects between the two nations have become more accessible and the free flow of artists and ideas between the two countries is further supported. Ultimately it supports artists in their ability to work and enable communications within a larger cultural setting, leading to a richer overall cultural environment for both nations, leading to potential enrichment in other facets of society.
14,645.6 USD (2 million ISK) from the State Treasury annually.