China Grants Ecuador 5.3 Billion Dollar Credit Line

Posted on January 6, 2015 • Filed under: China, Ecuador, Oil

(Reuters Reported) – China has granted a $5.3 billion credit line to Ecuador as the oil-reliant Andean nation reorganizes its finances after a crash in crude prices slashed export earnings, Ecuador’s official newspaper reported on Tuesday.

Ecuadorean Finance Minister Fausto Herrera said the government would tap $1.5 billion this year of the 30-year credit, which carries a 2 percent annual interest rate, El Ciudadano reported.

China’s state-controlled and trade-focused Eximbank, which offered the new loan, has been one of Ecuador’s top financiers, investing heavily in the oil and hydroelectricity sectors. World oil prices have fallen about 55 percent over the past six months. Read Article

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