US$100 million for Republic of Ecuador benefits PRAISE

With a view to contributing to the execution of priority social programs in Ecuador, and thus to human development and poverty reduction in the country, the Andean Development Corporation (CAF) approved for the Republic of Ecuador a US$100-million loan to support the Social Investment Assurance Program (PRAISE).

CAF President & CEO Enrique Garcia said the approval was part of the Corporation’s actions in favor of an integrated development agenda for the region, by stimulating initiatives for the integrated promotion of stability, efficiency and social equity. "Creating a Latin America with greater equality and lower levels of property is the greatest challenge faced by the countries of the region, and CAF considers the social dimension an essential component of its renewed agenda for sustainable development."

The García added, “CAF has been deepening its knowledge of the social issues of the region in order to build an agenda that includes the needs and priorities of the neediest sectors. This strategy will improve the channeling of investment into the social sector, and stimulate projects and programs that improve equity and the quality of life of the population.”

PRAISE is part of the national strategy for improving the quality of life of Ecuadorians in the framework of the Millennium Development Goals. The program favors compliance with the budgetary appropriation and quality of social expenditure in the areas mentioned by means of optimizing the execution of priority social programs, which will have a significant positive social and environmental impact in the country.

With this approval, CAF supports the social development actions that the Ecuadorian government is taking to protect social investment, with a view to achieving a better quality of expenditure and greater social equity. The Social Investment Assurance Program (PRAISE) will favor the appropriation of public funds, facilitating achievement of goals and objectives of projects and programs, considered priority in the areas of education, health, social welfare, labor, urban development and environment.