YANGON, May 9 (Xinhua) -- The European Union (EU) will extend a grant aid of 221 million euros (294 million U.S. dollars) to Myanmar for promoting the country's quality education, Myanmar News Agency reported Wednesday.

EU's decision was announced by its ambassador to Myanmar Kristian Schmidt in his message of greeting at the Europe Day ceremony held in Nay Pyi Taw late on Tuesday.

He said the grant is channelled directly to the Ministry of Education to dramatically improve Myanmar's education outcome.

"We think education is the best possible investment in your country's democratic future," he added.

EU has voiced strategic support for Myanmar's efforts in strengthening peace, national reconciliation, as well as poverty-reduction and economic development.

EU has also voiced support for Myanmar's implementation of the 2030 Agenda for Sustainable Development through the conclusion of an Investment Protection Agreement to enhance cooperation with Myanmar as a member of the Association of Southeast Asian Nations (ASEAN) for strengthening the regional integration process and EU's enhanced partnership with ASEAN.

Myanmar government has also expressed welcome for investment of the European countries for sustainable and inclusive economic development of the country.