• ENGLISH
  • ESPAÑOL
facebook
twitter
  • National>Entertainment
  • National>Local Economics
  • National>Local Politics
  • National>Society
  • National>Sports
BREAKING NEWS
International banks project that Ecuador will grow between 4 and 4.5% in 2022
Ecuador surpasses Colombia and Peru in GDP growth, generated by the agreement with the European Union, according to the Bloc’s counselor
6% of Ecuadorians over 15 years of age do not know how to read or write
The gross profit reached $77.8 million, in the first quarter of 2022, of Banco del Pacífico, which “will be sold in a few weeks”
Updating the limits of the Brotherhood Marine Reserve was published in the Official Registry
Ecuador approves goals and IMF will transfer USD 1,700 million this year
52 Ecuadorian entrepreneurs land in Israel, cradle of innovation
Ecuadorian textile companies take advantage of the global logistics crisis
Singue case: Appeal is defined with an eye on Jorge Glas
The Minister of Agriculture and Livestock, Bernardo Manzano, begins meetings with the banana growers of Ecuador

New reforms in the Mining Law seek to attract foreign investment

Posted On 06 Jun 2014

bella rica quezada.jpgWith a new reform of the Mining Law, the Ecuadorian Government seeks to expand its incomes to not depend on petroleum and taxes. The third source has been to turn to indebtedness, inside the country or abroad.

The state issues bonds and the Institute of Ecuadorian Social Security (IESS for its Spanish acronym) purchase them in exchange for a fee and a fixed term.

In addition, the Government has announced it will issue $ 700 million of bonds abroad and asked for USD 1,000 million to the World Bank. It transferred as collateral (warranty) half of its gold reserves, for a credit of USD 400 million from Goldman Sachs with an annual rate of 4.3%. That bank valued at $ 1,299 each ounce.

For one year, the sector has not received foreign investment due to the heavy tax burden. With the new changes in the current Mining Law, regarding regulations and decrees related to the activity, the Government hopes to realise some projects of gold, silver and copper that have failed to pass the pre-stage for the mines exploitation.

About the Author
  • google-share
Previous Story

Amazonia Vive will march today in Quito

Next Story

Today begins dialogue that seeks trade agreement between Ecuador and the EU

SEARCH

LATEST NEWS

International banks project that Ecuador will grow between 4 and 4.5% in 2022

Posted On 13 May 2022

Ecuador surpasses Colombia and Peru in GDP growth, generated by the agreement with the European Union, according to the Bloc's counselor

Posted On 13 May 2022

6% of Ecuadorians over 15 years of age do not know how to read or write

Posted On 12 May 2022
Copyright © 2010 - 2019. All Rights Reserved. EcuadorTimes.net