Ecuador will have credits of USD 275 million from CAF to improve the education and health systems.
The Latin American and Caribbean development bank CAF approved two loans for Ecuador for a total amount of USD 275 million, the multilateral organization reported on March 28, 2023.
“These operations will contribute to modernizing the educational system and increasing the quality of and access to health interventions,” CAF said in a statement.
The first loan, for USD 150 million, will focus on the 2022-2025 Annual Educational Investment Program, led by the Ministry of Education, for the construction of educational centers.
The objective is to guarantee universal access to low-income girls, boys and young people and to promote their permanence and completion of their studies at the initial, basic and baccalaureate levels of education.
The second credit, for USD 125 million, will finance health projects. Among them are the reduction of child malnutrition, the promotion of intercultural health, the elimination of malaria, the comprehensive approach to the phenomenon of drugs.
“These loans add to the government’s efforts to support post-pandemic reactivation and the improvement of public services, such as education and health,” said Sergio Díaz-Granados, CAF’s executive president.
Between 2018 and 2022, CAF approved operations for USD 4,840 million in favor of Ecuador, while total disbursements amounted to USD 3,590 million, with an annual average of USD 718 million.
At the end of 2022, Ecuador’s portfolio stood at USD 4,233 million, equivalent to 13.6% of CAF’s portfolio.