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European Investment Bank signs two agreements with Ecuador for development
Posted On 22 Nov 2018
Ecuadornews:
The vice president of the European Investment Bank (EIB) signedtoday with the president of Ecuador, Lenin Moreno, two agreements to promote a developmentplan for technical and technological institutes, the banking institution saidin a statement.
“We want to contribute with our financing to the developmentof key social and economic infrastructures,” said EIB Vice President EmmaNavarro, in statements released by her agency.
Navarro met in Quito with President Moreno; the vice president ofEcuador, María Alejandra Vicuña; the Minister of Foreign Trade, Pablo Campana,and the Minister of Economy and Finance, Richard Martínez.
According to the letter, one of the institutes will be built in Portoviejo, province of Manabí, with a non-reimbursable investment of 11.6 million euros within the framework of the 160 million financing provided by the EIB for the reconstruction of that area after the devastating earthquake of 2016.
The second agreement establishes that the European bank will supervise the use of this investment to guarantee “a quality work”.
On the other hand, Navarro visited the Quito Metro with the mayor of the capital, Mauricio Rodas, to see the progress of the works of the first metro line, a project that the EU helped finance through a loan of 240 million euros.
According to the institution, Ecuador is one of the main beneficiaries of the EIB in Latin America, and the first to receive funds for the financing of education projects, with 70 million euros.
Since the EIB started its activity in Ecuador, in 2006, it has provided more than 700 million euros to finance investments under advantageous conditions, both amortization periods and interest rates, he said.
For its part, in a statement, the Ecuadorian Minister of Finance and Economy stressed the importance of this visit “because it reflects andstrengthens the confidence of multilateral banks, development and investment onwhat Ecuador is doing.”
He recalled that the country has an important credit line with this European entity and that it is planned to develop a loan portfolio for new investments, which will involve an increase in financing up to USD 1 billion.
The Secretary of State also stressed that the EIB is committed tosupporting his country in the efforts to achieve the achievement of itssustainable development objectives, in particular climate action, which coversseveral sectors: renewable energy, energy efficiency, water and sanitation,human transportation, etc. (I)
