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Ecuador in talks with China to renew $1.5 bln credit line
August 26, 2014 / 5:16 PM / 3 years ago

Ecuador in talks with China to renew $1.5 bln credit line

QUITO, Aug 26 (Reuters) - Ecuador is in talks with China Development Bank to renew a $1.5 billion credit line, the Finance Ministry said on Tuesday, saying that the funds would be used for investments to be carried out in 2015.

It was not immediately evident when the original credit line was approved. Ecuador’s Finance Ministry did not respond to requests for more details.

China has become the Andean OPEC nation’s principal financier through credit lines, financing for energy projects and up-front payment for future oil deliveries.

Ecuador is seeking $9 billion in Chinese financing for the construction of the 200,000 barrel-per-day Pacifico Refinery, though the approval for that funding appears to have stalled this year.

Ecuador returned to debt markets this year with a $2 billion bond sale, its first since a 2008 default on $3.2 billion in debt. (Reporting by Alexandra Valencia; Writing by Brian Ellsworth; Editing by Leslie Adler)

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