Spain's Crown Prince Felipe and his wife, Princess Letizia, greeted Wednesday in the Zarzuela Palace those who will take part in the 11th Balboa Program for young Ibero-American journalists.

Taking part in the program sponsored by the Telefonica Foundation are journalists from Argentina, Bolivia, Brazil, Colombia, Costa Rica, Chile, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela.

The purpose of the program is to promote greater understanding and mutual respect among Latin American countries through a course developed in Spain.

The project is aimed at media professionals who wish to acquire a more extensive knowledge of Spanish and European institutions.

It also offers participants the chance to learn from the inside how a media outlet works in Spain.

To that end, the organization provides a score of fellowships that include free registration, air tickets and health insurance, plus a stipend of 1,000 euros ($1,228) a month. EFE