China to finance energy projects in Ecuador
The China Development Bank will grant Ecuador loans totalling $ 1 bn in 2009 for energy projects, Economy Minister
Diego Borja said.
"We anticipate that within 60 days all will be ready for the first disbursements," he told, adding that the funds
will go to the oil and energy sectors.
The announcement comes as Ecuador solicits bids for the construction of what would be the largest hydroelectric
complex in the country, Coca Codo Sinclair, with a 1,500 MW capacity.
The project would require an investment of $ 2 bn. One Chinese bidder, Sinohydro, has proposed providing up to 85 %
of the financing.
The government of President Rafael Correa is negotiating several bilateral loans, notably with Iran but also with regional bodies, to avoid a freeze in energy projects due to the world financial crisis.
