The China Development Bank will grant Ecuador loans totaling one billion dollars in 2009 for energy projects, Economy Minister Diego Borja said Thursday.
"We anticipate that within 60 days all will be ready for the first disbursements," he told reporters, adding that the funds will go to the oil and energy sectors.
The announcement comes as Ecuador solicits bids for the construction of what would be the largest hydroelectric complex in the country, Coca Codo Sinclair, with a 1,500 megawatt capacity.
The project would require an investment of two billion dollars. One Chinese bidder, Sinohydro, has proposed providing up to 85 percent of the financing.
The government of socialist President Rafael Correa is negotiating several bilateral loans, notably with Iran but also with regional bodies, to avoid a freeze in energy projects due to the world financial crisis.
