Jan 22, 2016
Ecuador breathed a sigh of relief after the oil-rich nation that it had signed a $970m credit line with the Industrial and Commercial Bank of China, or ICBC, on Friday amid an 18-month slump in crude prices.
The credit line is part of a broader package agreed to last year, the finance ministry said on Friday, writes Andes correspondent Andres Schipani.
A year ago, during a visit to Beijing, Ecuador’s President Rafael Correa announced that China’s Ex-Im Bank would extend a $5.3bn credit line to help maintain public spending, while he secured another $1.5bn from China Development Bank, as well as other funds.
China, which is grappling with a slowdown, has been Ecuador’s main lender since 2009 — when the country was shunned from international debt markets after a voluntary default.
- Streets of TorontoLife
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