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QUITO: The socialist government of President Rafael Correa is negotiating the terms of a $2 billion loan from China, Finance Minister Patricio Rivera said Wednesday.
The money would be in addition to a $1 billion loan from China agreed to in 2010, Rivera said.
The state news agency Andes said both sides were negotiating details of an eight-year loan at a 6.9 percent interest rate, with a two to three year grace period.
In 2010 the Eximbank of China gave Ecuador a $1 billion loan to finance oil, infrastructure, mining and telecommunications projects.
The loan had a fixed annual six percent interest rate and four years to pay it back.
Copyright AFP (Agence France-Presse), 2011
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