China To Loan Ecuador USD 1 Billion

Posted on June 14, 2011 • Filed under: Economy, Ecuador, Politics

According to Hoy.com.ec the Chinese Development Bank will provide a load to Ecuador in the amount of USD 1 billion, with full discretion of the moneys’ use, sources in the negotiations with China say. The deal is not official, however the source says that negotiations are in the final phase and a formal announcement will be made at the end of the month. Expreso, an Ecuadorian newspaper, was the first to break the news. There has not been a response from the Ministry of Finance or the Ministry of Planning and Development for Ecuador. The past February China advanced Ecuador a substantial payment of USD 1,000 million for shipment that would be made to China in the next two years. The Ecuadorian government has a deficit of USD 3,700 billion this year.Read Article

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