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.
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