ECUADOR has announced night that it reached a debt relief restructuring deal with Chinese banks worth US$1.4 billion until 2025, as Beijing increasingly offers bailouts to countries, reports London's Financial Times.
The government of centre-right president Guillermo Lasso said it had reached agreements with the China Development Bank and the Export-Import Bank of China (Eximbank) worth $1.4 billion and $1.8 billion, respectively. The deals will extend the loans' maturity and reduce interest rates and amortisation.
Overall, these agreements will provide $1.4 billion in debt service relief as repayments to the China Development Bank will be reduced by more than $745 million over the next three years and repayments to China Eximbank will be reduced by about $680 million to 2025.
SeaNews Turkey
The government of centre-right president Guillermo Lasso said it had reached agreements with the China Development Bank and the Export-Import Bank of China (Eximbank) worth $1.4 billion and $1.8 billion, respectively. The deals will extend the loans' maturity and reduce interest rates and amortisation.
Overall, these agreements will provide $1.4 billion in debt service relief as repayments to the China Development Bank will be reduced by more than $745 million over the next three years and repayments to China Eximbank will be reduced by about $680 million to 2025.
SeaNews Turkey
