Lisbon, Jun 19 (IANS): The Portuguese presidency of the Council of the European Union (EU) has launched the new Erasmus+ educational funding program, with a total budget of 28.4 billion euros ($33 billion).

At an event on Friday, Portuguese Education Minister Tiago Brandao Rodrigues said that Erasmus+ 2021-2027 is a "fundamental and very powerful tool" for the EU's internationalisation and competitiveness, reports Xinhua news agency.

Rodrigues said that the educational program had almost doubled the budget allocation to "reach more people."

Since its creation 34 years ago, Erasmus has already benefited more than 10 million young people, and the goal now is to help another 20 million young Europeans.

According to Portuguese Minister of Science, Technology and Higher Education Manuel Heitor, the objective of the next seven years of the program will be to "democratise" Erasmus, promoting "European diversity and culture" and generating "employability".

The Erasmus program offers study or internship opportunities in different countries, investing in cross-border cooperation projects between universities, educational establishments, youth, and sports organisations.