QUITO, Oct 20 (Reuters) - Ecuador will spend more than $900 million on housing and infrastructure projects in a bid to revive the country’s economy, President Rafael Correa said on Tuesday.
Most of the money for the investments will come from $2.2 billion in international reserves that the government is repatriating from the foreign banks where the reserves are being held, Correa said in a public address.
Gross domestic product in the OPEC-member country shrank 1.06 percent in the second quarter compared with the same 2008 period as export revenues were hit by slower demand for oil brought by the world slowdown. (Reporting by Javier Mozzo; Editing by Andrea Ricci)
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