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Ecuador secures Chinese loan worth 970 mln USD

Xinhua, January 23, 2016 Adjust font size:

Ecuador announced Friday that it has secured a loan of 970 million U.S. dollars from the Industrial and Commercial Bank of China, the largest financial entity in the world.

The Finance Ministry said the loan would be provided in two tranches. The first, worth 820 million dollars, will be offered in the next few days, and the second, worth 150 million dollars, will arrive later.

The credit line was originally agreed upon by Ecuadorian President Rafael Correa and Chinese President Xi Jinping in January 2015.

It was revised in December when Ecuadorian Vice President Jorge Glas visited China, which is now a main foreign investor in the South American nation.

Ecuador was hit hard by the falling oil prices in 2015. Its government's income shrank by about 7 percent, worth about 7 billion dollars. Endi