On 19 December 2012, the EU-LAC Foundation's Executive Director, Jorge Valdez, and the Director for Latin America and the Caribbean of the European Commission's development agency EuropeAid, Jolita Butkeviciene, signed a new grant contract. The contract covers the Commission's contribution to the EU-LAC Foundation for the years 2013-14. It is part of the Commission's overall commitment of €4.5 million for the years 2012-14.