The second Swiss contribution is a key part of Switzerland's European policy, helping to foster cohesion and stability in Europe as well as consolidate and develop bilateral relations with partner countries. The CHF 1.302 billion contribution runs until 2029 and will be used to support the states that joined the EU after 2004 (the EU-13) or countries facing major migration flows. The second contribution aims to reduce economic and social disparities in Europe and promote measures to manage migration.

On 30 June 2022, Switzerland and the EU signed a legally non-binding MoU on Switzerland's second contribution. This MoU sets out the key parameters of the second Swiss contribution. This includes the amount of the contribution, its distribution among the partner countries, thematic priorities and principles for cooperation and implementation.

Swiss contribution funds , however, do not go into the EU's budget but directly into the projects and programmes of the partner countries. They have signed bilateral implementation agreements with Switzerland setting out country-specific priorities. These agreements provide the framework for the programmes and projects that are then carried out in close cooperation between Switzerland and the partner countries.