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LatinNews Daily - 18 September 2020
In brief: Ecuador reaches agreement with China’s Eximbank to delay loan payment
* Ecuador’s finance ministry has announced an agreement with the Export-Import Bank of China (China Eximbank) to delay the repayments of a US$474m loan for 2020 and 2021. This brings the total amount of loan deferrals from China to US$891m after Ecuador reached an agreement on 5 August with the China Development Bank (CDB) to delay the payments of US$417m for 12 months. The new agreement with China Eximbank delays the repayment of 84.2% of the total debt owed to the bank, for the four biggest loans – for the hydroelectric projects Coca Codo Sinclair, Paute-Sopladora, and Minas-San Francisco; and a 500kw transmission line. Ecuador had expected to pay US$158m in the remainder of 2020 and US$316m in 2021 to China Eximbank, but now principal repayments will resume in March 2022.
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