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Updated Saturday, June 5, 2010 8:52 pm TWN, AFP

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China's Export-Import Bank lends US$1.5 billion for Ecuador plant

QUITO -- China's Export-Import Bank has finalized a loan to Ecuador of more than US$1.5 billion for the construction of a giant new hydroelectric plant, officials said Thursday. The deal was signed this week in Beijing, with talks having broken off earlier this year after Ecuador said some conditions imposed by the bank were unacceptable.

The loan will finance the construction of the Central Coca Codo Sinclaire hydroelectric plant of 1,500 megawatts, which would be the biggest in Ecuador. Ecuador had already agreed that China's Sinohydro company would be in charge of building the nearly US$2-billion facility.

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