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China Eximbank offers $5.3 billion in concessional credit through a framework agreement (Linked to record ID #58513)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Ecuador |
| Country | Ecuador |
| Start Date | Jan 07, 2015 |
| End Date | Sep 19, 2032 |
| Duration | 6,465 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 39113 |
Grant Description
China Eximbank offers $5.3 billion in concessional credit through a framework agreement On 7 January 2015, the Government of Ecuador entered into a framework agreement for future cooperation with The Export-Import Bank of China.
Under the agreement, the Ministry of Economy and Finance is allowed to regularly submit a priority list of projects which it proposes to be financed under the line of credit within three years of the agreement.
A press release from the Ministry of Economy and Finance reported that projects will be related to mobility, irrigation and infrastructure.
According to Ecuador's 2017 Bond Prospectus, the initial priority list included six projects to be financed at a total cost of US $5.3 billion. The Ministry of Economy and Finance also put the value at $5.296 billion.
In the framework agreement, the proposed list of priority projects included the Quito Metro, Line 1, proposed to be implemented within a year of the signing of the framework agreement.
Projects proposed to be financed within three years of the signing of the agreement were the National Geological Survey, the Decentralization of Security Services in Districts and Circuits Project, Affordable Housing for the National Police, Santa Elena Aqueduct Hydraulic Construction (PHASE), and the Yachay City of Knowledge Project.
The projects on this list were not necessarily eventually funded by China Eximbank.
As an example, the Quito Metro Line 1 was funded by the Inter-American Development Bank, the Andean Development Corporation, and the European Investment Bank among others. The Yachay project captured in record ID #58513 was financed through this framework. The Santa Elena aqueduct project was financed by China Eximbank and is captured in record ID #58437.
The decentralization of security services project was funded by China Eximbank and is captured in record ID# 90174.
Staff Comments
1.The January 7, 2015 framework agreement can be accessed in its entirety via https://www.dropbox.com/scl/fi/qvszjckmuuh2i0dntkqqa/Anexo-3-Acuerdo-Marco-Cooperaci-n-Ecuador-Eximbank.pdf?rlkey=n2b208fdefqvv15cwmjb0jw0m&dl=0
Sources & References
- Why China Shouldn't Get Too Invested in Latin America
- China grants $5.3 billion credit line to Ecuador
- China’s New Latin America Ties Are Strategic
- Not Just Economic
- China’s courtship of Latin America tested
- China Rescues Ecuador Budget From Deeper Cuts as Crude Drops
- Ecuador logra 5.300 millones en créditos en su visita a China
- China refuerza su presencia en América latina
- 外媒：中国对厄瓜多尔不再慷慨 42亿美元贷款只给了1/4
- Ecuador to receive US$7.5bn from China banks
- Ecuador says China extends $7.53 bln in credit, loans
- Ecuador announces $ 7.5 billion credit agreements with China
- ECUADOR ANNOUNCES $ 7.5 BILLION CREDIT AGREEMENTS WITH CHINA
- China extends US$5.3 million loan to Ecuador
- Ecuador taps China for $5.3bn credit line
- Ecuador
- China Sign Financing Pacts Totaling $7.5 Billion
- China and Ecuador do away with tourist visas, sign broad range of agreements
- Export-Import Bank of China grants Ecuador $5.3bn credit line as crude falls
- Oil price woes: Ecuador gets $5.3 billion China credit
- Ecuador Wins $5.3 Billion in Chinese Financing
- China-Latin America Finance Database
- Boletín de Ejecución Presupuestaria Enero - Marzo 2015
- Finanzas suscribe convenio de crédito con Eximbank de China para Yachay
- Ecuador suscribe con China convenios de financiamiento
- Ecuador comprometió cerca de 7 mil millones en financiamiento chino, 2017 Bond Prospectus
- Framework Agreement on Future Cooperation between the Export-Import Bank of China and Ministry of Finance of the Republic of Ecuador
- Quito Metro Line One Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of Ecuador
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