US$40 million for Integrated Development of Primary Education in Ecuador

The Andean Development Corporation (CAF) today approved a financial operation for US$40 million in favor of Ecuador, destined for the first stage of the Integrated Development Project for Primary Education, to be executed by the Ministry of Education and Culture with a total cost of US$57 million.

CAF President & CEO Enrique García said that the new operation would promote greater equity in the region, in the framework of CAF’s actions to support the building of social and human capital through education.

In this context, García said that, "the education sector is an area that CAF serves from its Vice Presidency of Social and Environmental Development. The projects prepared under the program include the Andean Agenda for Education, which has promoted a space for reflection and discussion on education issues." In the private sector, CAF is studying the possibility of supporting projects in Ecuador and Colombia aimed at training human resources in priority areas.

Toward the Millennium Development Goals

The objectives of the project are to contribute to meeting the Millennium Development Goals assumed by the country in the education area by improving compulsory primary education in the framework of the strategy designed in Ecuador and based on the Third National Education Consultation Century XXI.

This innovative project is expected to improve the material conditions of the education service in at least 400 schools, support the classroom function of at least 3,000 teachers in preprimary and primary education, strengthen the capacity for education innovation by financing projects for management centers, and facilitate the process of partial decentralization of education in 10 or more municipalities. It is estimated that 100,000 children, teachers and parents will benefit directly from this initiative.

CAF has increased the level of its loan portfolio in Ecuador by 29%, representing 16% of total portfolio. In 2004 approvals averaged US$386 million and disbursements increased 26%.