Iran to finance Ecuadorian power plants

Mar 06, 2009 01:00 AM

Iran will reportedly help Ecuador build two power plants and finance $ 40 mm loan for business development in the Latin American state.
The tentative agreement was reached after Ecuadorian President Rafael Correa met with Iranian Deputy Energy Minister, Hamid Chitchian, over Ecuador's hydro-electricity projects. Correa said after the meeting that Iran has experience in the many energy and road construction projects that are to be undertaken by Ecuador, especially thermo-electric power generating.

Chitchian said Iran will finance the two new 10 MW and 15 MW power plants in Ecuador within four months.
Relations between the two countries have been revitalized after President Rafael Correa visited Iran last December. In early January, Iran also approved an extension of a $ 280-mm loan for oil project development in Ecuador.

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