(VOVworld) – The European Union (EU) announced it would invest 118 million euros (133 million U.S. dollars) of new funding for Latin America and the Caribbean to increase EU business cooperation in the region, according to a press release of the European Commission on Wednesday.
The announcement was made at the 5th EU-Community of Latin America and Caribbean States (CELAC) business summit in Brussels on Wednesday.
The EU-CELAC business summit, which aims to promote inclusive and sustainable growth by giving more importance to the role of small and medium-sized enterprises, brought together 500 participants from the business community, financial institutions, and policymakers from across EU and CELAC member states.
Under the funding program, the EU hoped the investment would help promote additional investment and key infrastructure in the transport, energy and environment sectors, and support the social and private sector's development in Latin American and Caribbean countries.