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Andean Group - January 2019

Economic Highlights

ECUADOR | In search of foreign investment. Last month Ecuador’s President Lenín Moreno concluded a tour of China and Qatar in which he sought to secure loans for his government and foreign investment (FDI). Upon his return to Quito Moreno said his trip had been successful, pointing to a US$900m loan from China that will help finance debt payments this year. According to a press release by Ecuador’s communications secretariat (Secom), the six-year loan was secured without having to offer any future oil deliveries in exchange and at “the lowest ever” interest rate of 6.5%. Secom added that Moreno also secured a commitment from the Chinese government that it would open a new US$3.5bn credit line from its development banks to help finance potential investments in Ecuador.

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