(BRUSSELS) - The European Union is to offer Latin America 2.5 billion euros ($3.4 billion) in development aid over the next seven years to fund projects ranging from security to education.

The EU's Development Commissioner Andris Piebalgs said "this aid package marks a new step in the way we work with Latin America, and sends a very strong signal of our commitment to continuing to support the region's development efforts."

The 2014-2020 funding includes assistance for regional programmes and bilateral schemes.

The aid will be focused on security, good governance and accountability, environmental projects and education and training programmes for the young.

A sub-regional programme for Central America is also included.

A total of 18 countries are eligible for the funding -- Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela.