During a visit to Ecuador, which will take place later this week by Development Commissioner of the European Union (EU), Andris Piebalgs, the announcement of a new bilateral funding for $ 90 million, will be revealed.
According to the European Commission, the aid for the period between 2014 and 2017, shall be designed to “reduce poverty, support inclusive growth and promote sustainable trade.”
The EU wants to contribute to advancing economic development of the country where they have already achieved results in the field of education. The Commission notes that in late 2013, over 95% of school-age children attended proper educational centers.
Piebalgs considers that Ecuador has “progressed dramatically in recent years” and stressed that “the EU and Ecuador enjoy a strong and productive partnership.” In fact, the country will benefit from a bilateral support even though it is the third largest economy in Latin America in terms of growth rate and has the lowest unemployment rate (4.86% in 2013) of the entire region.