CAF bank gives $488 million in loans to Ecuador, government says

FILE PHOTO: General view of Ecuador’s capital city Quito with the Cotopaxi volcano seen in the background, ahead of the second round in country’s presidential election, Ecuador April 9, 2021. REUTERS/Luisa Gonzalez/File Photo

QUITO (Reuters) – The Development Bank of Latin America (CAF) has approved three credits for Ecuador worth a total of $488 million, part of which will help the next government with funding, the Economy and Finance Ministry said on Friday.

A first credit of $200 million will be used to install electricity at shrimp farms and other places in five coastal provinces, a project that has been repeatedly delayed, the finance ministry said in a statement.

The CAF also approved a $117.5 million credit for the health sector and another $170.2 million for education, the statement added, without giving further details on the programs or repayment conditions.

Economy Minister Pablo Arosemena has been participating in a CAF meeting this week in Spain.

President Guillermo Lasso, whose successor will be elected in an Oct. 15 vote, has repeatedly turned to multilateral organizations including the International Monetary Fund (IMF) for funding.

Former lawmaker Luisa Gonzalez, who is facing business scion Daniel Noboa in the vote, has said she would carefully consider whether to take out more multilateral loans if she were elected.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button