Ecuador, USD 351 Million From Oil Revenue For Amazon Social Projects

According to Ecuadorenvivo.com the Ecuadorian government has put aside USD 352 million for social projects in the Amazon. An Ecuadorian law that recently passed requires the government to reserve 12% of oil revenues for communities where oil is extracted. In the past, a dollar was given to local social projects for every barrel of extracted oil. Private industries are responsible for USD 91 million and state companies will give USD 260 million. Efe Carlos Viteri, director of the state agency on the social issue, says that the government is aiming to benefit the people hurt by oil exploitation. These funds will be used for health, education, transport, and production organized by ministries or local governments. Indigenous leaders are skeptic of the distribution of oil revenues and how they will benefit the Amazonian region, reports Ecuadorenvivo.com.Read Article