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Ecuador gets one-year grace period on China Development Bank credit line- Reuters

Ecuador has negotiated a one-year grace period on a credit line from China Development Bank (CDB) that will allow the South American nation to delay $417 million in payments, the finance minister said on Wednesday.

“We’ve obtained relief … in the capital payment of a tranche of debt with China, with CDB specifically, that will give us relief for one year of $417 million,” Richard Martinez said in a virtual news conference.

Ecuador owes China Development Bank $2.3 billion, which is spread across five credit lines. It owes a total of $5.3 billion to different Chinese state institutions.

To read the full article on Reuters, click here.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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