EU to invest $3.3B in Erasmus program in 2020

The European Union will provide an expected budget of over €3 billion ($3.3 billion) to Erasmus program in 2020, up 12% compared to this year.

The new funding will provide more opportunities for young Europeans to study, train or gain professional experience abroad, according to a statement from European Commission.

"Moreover, the EU aims to create 35,000 opportunities for African students and staff to participate in the program as part of the Africa-Europe Alliance for Sustainable Investment and Jobs," the statement read.

Erasmus is the EU's program for mobility and transnational cooperation in the areas of education, training, youth and sport for the period 2014-2020.