Ecuador restructures debt with Chinese banks

Ecuador restructures debt with Chinese banks

Corporate & Sovereign Strategy Debt Loans Capital Markets Ecuador China

Ecuador said it has reached an agreement with two Chinese lenders – the China Development Bank (CDB) and the Export-Import Bank of China – to lower debt payments by $1.42 billion over three years. The country will now pay $745 million to CDB through 2024, down from $1.4 billion, and $679 million to Eximbank through 2025, down from $1.83 billion, the finance ministry said in a statement. The agreement also includes a six-month grace period, the ministry added. Ecuador also lowered interest rates

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