China Development Bank to Provide Funds for Irrigation, Hydro Projects in Ecuador

The China Development Bank has signed a US$2 billion credit with Ecuador’s government to support various irrigation and hydro projects.

Of the total, US$680 million will be used for four hydroelectric power projects, including the Mazar-Dudas, Minas-San Francisco, Quijos and Villonaco, state news agency El Ciudadano reported.

Additional funds will be used for irrigation projects along rivers Chongon, Bulu Bulu and Canar, and another in San Vicente, Manabi province.

The eight-year loan will have a 6.9 percent interest rate and two-year grace period, reports indicate.

In other news, the European Investment Bank confirmed it will work closely with financial preparation of the Ruzizi hydroelectric project in Rwanda.

This marks the start of a second financial stage of preparations in the Ruzizi hydro project.

The overall project cost of the Ruzizi hydropower scheme is estimated to be EUR 378 million (about USD 530.4 million), with high-voltage transmission links to supply electricity to three neighboring countries.

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