On the 19 of November 2014, the EU announced its regional cooperation package for Latin America in the period 2014-2020, known as the Multiannual Indicative Programme (MIP), with an allocation of €925 million over seven years. The MIPs represent an important step in the programming of EU aid under the Development Cooperation Instrument (DCI), which has been a crucial building block of EU-LAC relations over the years. During the period 2002-2013, the EU has committed over €4 billion for development cooperation in LAC, accompanying and supporting the region’s own successful development efforts, and it is fair to say that LAC as a region has changed substantially over this time. Since 2002, poverty and extreme poverty have steadily declined lifting 60 million people out of poverty; the middle-classes are rapidly growing and many countries have now achieved Upper Middle Income Country (UMIC) status.
This was applauded by both the Commissioner for International Cooperation and Development Neven Mimica and the new EU High Representative Federica Mogherini who highlighted that “the new regional cooperation programme is a fundamental instrument for strengthening the strategic partnership between Latin America and the European Union in the coming years”. Notably, with the objective of keep supporting this positive development, the EU’s MIP for LAC encompasses two components: 1) initiatives to be carried out at continental level, and 2) initiatives aimed to support Central America’s efforts in addressing key developmental challenges at sub-regional level. This MIP programme is established in accordance with the DCI Regulation for 2014-2020 and based on the EU-CELAC Strategic Partnership and Action Plan.