IDB approves a credit of US $ 300 million for Ecuador

The Inter-American Development Bank (IDB) approved a credit line of up to USD 300 million for Ecuador, said yesterday the Finance Ministry in a statement.

The funds will be used to maintain social spending in times of declining oil prices in international markets, said the Minister Fausto Herrera.

Oil finances about 10 percent of the state budget, although the sale of crude oil represents 40 percent of the exportable supply of Ecuador.

The IDB loan has a repayment period of six years, with a grace period of three and one variable interest rate which initial type is not specified in the statement.