Ecuador Signs $1bn China Loan

Ecuador Signs $1bn China Loan

Andean

Ecuador's government has signed a $1bn loan with the China Development Bank, its finance ministry says, emphasizing that there is no oil collateral involved. A $200m tranche is earmarked for special projects in the petroleum sector, with the remainder for general use. The 4-year loan pays a fixed interest rate of 6% and features a 6-month grace period. In addition to the $200m for oil projects, proceeds will be used to finance Ecuador’s investment program for infrastructure and other 2010-11 bud

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