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Ecuador to ink China oil-backed loan in Nov: Minister- Argus Media

Date: Oct 8, 2020

Ecuador hopes to sign a new $1.4bn oil-backed sovereign credit agreement with China next month that would restructure existing loans and encourage competition among Chinese oil trading companies, Ecuadorean oil minister René Ortiz told Argus.

The fresh Chinese loan would complement Ecuador’s recent $17bn bond debt structuring and a $6.5bn IMF loan approved last week.

The oil-backed credit will be syndicated by China Development Bank and will include a German financial institution as well, Ortiz said in an interview this week.

To read the full article on Argus Media, click here.