A bank of China grants Ecuador a loan of $ 970 million

China continues to finance the country. Ecuador yesterday contracted a loan of 970 million dollars with the Industrial and Commercial Bank of China (ICBC), the world’s largest financial institution, which acted in partnership with other financial institutions, announced the Ministry of Finance.

According to the Ministry, the subscribed loan is divided into two sections: one of $ 820 million, to be disbursed in the coming days; and other of 150 million dollars, to be delivered later.

“The structure of the loan is at an interest rate of 6.2% plus three months Libor and afive years term,” explains a statement from the Ministry, which points that the subscribed credit line is freely available. It adds that the loan is part of the agreements signed in January 2015 between the presidents of Ecuador, Rafael Correa, and China, Xi Jinping, and were revised in December during the visit of Vice President Jorge Glas, to China. (I)

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8835567&idcat=38229&tipo=2