This follows from the contracts records of the Ministry of Finance, which holds data on sovereign- guaranteed loans since 1968. Expert Manuel Posso, who worked in the state agency between 1974 and 2000, indicates that it is a historical fact and that the IESS had never been in debt.
The loan was obtained through two operations for $ 78.2 million. Both were made with a consortium of five banks: Deutsche Bank of Spain, Santander, Bilbao, Societe Generale de España and Popular Español, according a finance letter. One, for $ 64.9 million, is to equip and build Los Ceibos Hospital in Guayaquil, and another for USD 13.3 million to build the Machala Hospital. The two loans have a rate of 5.1% with an eight years term (including three years of grace) and with a sovereign guarantee.