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Chinese government provides 20 million RMB interest free credit line through Economic and Technical Cooperation Agreement (November 2007)
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Ecuador |
| Country | Ecuador |
| Start Date | Nov 20, 2007 |
| End Date | May 29, 2031 |
| Duration | 8,591 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 88149 |
Grant Description
Chinese government provides 20 million RMB interest free credit line through Economic and Technical Cooperation Agreement (November 2007) On November 20, 2007, the governments of China and Ecuador signed an Economic and Technical Cooperation Agreement (ETCA) in Beijing that provided the government of Ecuador a 20 million RMB interest-free line of credit, to be used for unspecified projects.
It is unknown what projects the credit line ultimately funded. Originally, the credit line could be used for a 5-year period between January 1, 2008 and December 31, 2012.
The ETCA specifies repayment could be made in either currency or exportable goods from Ecuador.
However, on July 24, 2013, the two governments signed Letters of Exchange agreeing to extend the period in which the credit line could be used to between January 1, 2013 and December 31, 2017, and the repayment period to between January 1, 2023 and December 31, 2032.
Banking procedures were handled by the Central Bank of Ecuador (Banco Central del Ecuador) and the China Development Bank.
Staff Comments
- The five year period for use of the credit line has been included in the grace period.
- It unclear how much, if any, of the credit line was drawn down.
- In line with China’s Foreign Aid White Paper and TUFF coding conventions, AidData has entered a 0% interest rate, 20-year maturity, and 10-year grace period.
Sources & References
Convenio de Cooperación Economica y Tecnica entre el Gobierno de la Republica del Ecuador y el Gobierno de la Republica Popular China, [Letters of Exchange Nro. 10196/GM/SAAO/DAO/2013 and N.O. No.(2013)018] 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.
All Grantees
Government of Ecuador
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