CAF will reach 35% green financing in 2024
November 19, 2024
June 17, 2009
The signing ceremony will be attended, on behalf of Spain, by its Ambassador and the Representative of its Commercial Office in Ecuador and, on behalf of Ecuador, by the Ministry of Foreign Affairs, the Ministry of Finance, and the ministries and secretariats responsible for executing the projects. Representatives of the Corporación Andina de Fomento (CAF) will also attend in CAF’s capacity as the Committee’s Technical Secretariat.
The Bilateral Agreement for the Conversion of Ecuador’s Debt with the Kingdom of Spain, for a total of US$ 50 million, was signed on March 14, 2005. The purpose of the agreement is to channel the resources that would otherwise have been allocated to payment of the debt to financing development actions that will make it possible to improve the living conditions of the country’s high-risk populations.
The first stage of the Debt Swap Program started on October 2006, with the approval of the first tranche of US$ 20 million. The funds were allocated to financing programs and projects in the education sector via 22 projects with nationwide coverage. To date, 87% of the funds committed have been executed and a total of 222,794 pupils have been given access to teaching materials and new equipment in schools with improved infrastructure. In addition, more than 8,000 teachers have been trained under agreements with several universities, more than 300 classrooms have been built, and more than 1,800 items of computer equipment have been handed over.
The seven agreements signed today mark the start of the second stage of the Debt Swap Program and will permit the execution of seven development programs amounting to a total of US$ 30 million. The projects in Stage Two have been designed and developed by public institutions in accordance with the National Development Plan and the social investment objectives established therein. These projects will make it possible to improve the living conditions of more than 1.5 million people who live in the provinces on the northern border, in the highest risk areas of the coast, and in the provinces with the highest migration indicators.
Projects financed with funds from the Ecuador-Spain Debt Swap Program:
Execution of these projects will take two years.
November 19, 2024
November 19, 2024
November 19, 2024