China's president was set Friday to monitor the opening of a Chinese-built hydroelectric plant in Ecuador on the second day of his visit to the South American country. President Xi Jinping arrived Thursday and met with leftist President Rafael Correa, who has prioritized closer relations with Beijing since coming to power in 2007.
Since then Ecuador has attracted some $10 billion in investment from the Asian giant. Xi announced on Thursday a $150 million donation to build two hospitals and 400 homes in a region devastated by a powerful earthquake in April. The visit serves to improve ties and "formalize an integral strategic association," Correa said in a statement after welcoming Xi to the government headquarters in Quito.
This is the first time that a Chinese leader has visited Ecuador, an oil-rich country braving the global slump in crude prices. One major project is the $2.2 billion Coca Codo Sinclair hydroelectric plant, built by the Chinese state-owned engineering and construction company Sinohydro. The plant, located in the Amazon region, is set to generate 1,500 MW of electricity. It was unclear, however, if Correa obtained $13 billion he is seeking to finance the construction of a new oil refinery that would process 300,000 barrels of crude a day.
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