UPDATE: Ecuador to Receive USD 2 Billion in Chinese Loans

Posted on June 15, 2011 • Filed under: Business, Economy, Ecuador, Politics

ElComercio.com updated the figure of loans that are going to be made to the Ecuadorian government by the Chinese. This figure that was originally release as USD 1 billion was updated Tuesday June 14th at 3:52 p.m. to a figure of USD 2 billion. The loans will be made in segments of USD 1 billion. China has already made a series of loans to Ecuador including USD 1.5 billion to the construction of the hydroelectric company Coca-Codo Sinclair. The total loans held by Ecuador from the Chinese will be USD 6.5 billion that includes the new agreement. The interest on these loans is between 6 and 7 percent. According to Daily Express the money will be used in hydroelectric projects, oil and telecommunications. Reportedly, this loan brings Ecuador’s debt levels higher than with the former government.Read Article

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