China To Fund Dam

Ecuador has signed an agreement with China for the Asian country to finance the Coca Codo Sinclair hydroelectric dam to the east of the capital Quito. The deal will see China provide a loan of US$1.7bn over 15 years to finance the project, which has an estimated cost of US$2bn, and is due to provide 45% of the country's electricity demand when it begins operation. With relations with the US remaining tense, we believe the move marks a further sign of the government's efforts to seek financing for large-scale infrastructure projects elsewhere.

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