The European Investment Bank (EIB) has granted a EUR 100 million loan to the Government of Ecuador to finance investment in public administration facilities in the country’s capital, Quito. The project consists of the construction of so-called social service and strategic sector platforms.

The investments financed by the EIB will form part of the 2013-2017 national social welfare plan, which is designed to improve the provision of social services to all the people of Ecuador. The loan will support the development of the economic infrastructure necessary to provide more efficient and regionally balanced services. As well as increasing the public sector’s efficiency and effectiveness for both citizens and businesses, these investments will also bring benefits to the district of south Quito, in which the schemes are located, improving the quality of life and fostering the development of private enterprise.

The project will also be financed by the Inter-American Development Bank (IDB).

1 July 2014 saw the entry into effect of a new EU lending external mandate for the period 2014-2020, which sets a ceiling of nearly EUR 2.3 billion for operations in Latin America. The EIB is granting this loan under the new mandate, which allows it to support investment aimed at promoting the local private sector, developing economic and social facilities and mitigating the effects of climate change.

Since launching its financing operations in Latin America in 1993, the EIB has provided loans totalling EUR 6.7 billion for 90 long-term investment projects in 13 countries in Latin America