China to provide US2 billion for irrigation, hydropower 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.

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