The Ministers of Foreign Affairs of Iceland and Norway signed a three year Memorandum of Understanding in Akureyri on September 29, 2011, concerning co-operation in the field of Arctic scientific research. It indicated key activities, including the establishment of a Nansen Professorship in Arctic Studies at the University of Akureyri, Norwegian and Icelandic Arctic Science Cooperation Fund and Exchange scholarships for Icelandic and Norwegian Students in Arctic Studies.

First period of the programme ran from 2012 to 2014.
It included both Science Cooperation and Exchange scholarships for students. 

The second period is from 2015-2017. 
Exchange scholarships for students are no longer awarded. Student mobility grants at all levels are now eligible between Iceland and Norway in the Erasmus+ programme (NO info / IS info) and student mobility at bachelor and masters levels are available from the Nordplus programme including express mobility grants for short term mobilities. 

Two activity types are available in programme period 2015-2017: 
•    Long term cooperation between Icelandic and Norwegian institutions
•    Preparatory support for the initiation of joint grant applications

Next application deadline: 18 September 2015
Application form and standard forms for annexes will be available before the end of June 2015.
Further information are in the Arctic Research and Studies 2015-2017 Programme Guide 2015 (.pdf).
This version of the programme guide is subject to minor changes. 
The Programme is subject to the reservation that a formal implementation agreement between the Icelandic and Norwegian ministries of Foreign Affairs will be finalised before the application deadline 18th September