China EXIM Bank loans $250 million for induction cookers

Funder	China (People's Republic of)
Recipient Organization	Ecuador
Country	Ecuador
Start Date	May 20, 2015
End Date	Mar 20, 2028
Duration	4,688 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`52597`

Grant Description

China EXIM Bank loans $250 million for induction cookers In August 2013, Ecuador launched a major induction stove program (PEC) to reduce the demand of liquefied petroleum gas (LPG).

The initial plan of Ecuadorian authorities was to import a million Chinese-produced induction stoves, including those from Chinese manufacturers Maier and Midea, funded by a US$250 million loan from China EXIM Bank.

The Ecuadorian government purchased 20,000 cookers in total from Haier through one contract, and awarded separate deals for 10,000 and 312,000 cookers to Midea.

Out of the 342,000 purchased by the Ecuadorian government through three separate contracts, 1,000 arrived in Ecuador in May 2015. 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.