FTI, a specialist financial consulting firm based in the IFSC, has been awarded a €2 million (£1.6 million) contract by the EU Phare programme to assist Latvia in its preparation for accession to the EU. The project aims to assist the Latvian administration to develop the necessary structures for the effective management of the structural and cohesion funds. FTI won the project as part of a consortium it put together. This is FTI's second large project in Latvia.