Ecuador signs $1 billion Chinese loan for oil projects

摘要

Santa Cruz, Ecuador-Ecuador on August 31 signed a $1 billion loan with the China Development Bank to fund investments in oil production and other infrastructure projects, Ecuador’s finance ministry said in a statement. The loan will carry a 6% fixed annual interest rate, maturing in four years with a sixmonth grace period. The South American country will be able to spend $800 million on projects of its choice, with the remainder to go to the oil industry, the ministry added.