Ecuador’s Finance Ministry said late Wednesday that it reached an agreement with China Development Bank (CDB) to postpone $417 million in loan payments for a year.
The country was originally scheduled to pay $167 million through the end of 2020 and $250 million from January to July 2021. Under the new agreement, Ecuador will pay the $417 million in 11 quarterly payments of close to $38 million each from the last quarter of 2021 until the second quarter of 2024, the ministry said in a press release.
The interest rate remains at 7.16%, as in the original credit line from April 2016, the ministry added.
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