Two loans granted to Ecuador

(Caracas, March 21, 1991).- Two loans for almost US$12 million were granted to Empresa Estatal Petróleos of Ecuador (PETROECUADOR) and to the Quito municipality. The agreements were signed on March 20 in the CAF headquarters in Caracas by CAF President & CEO Galo Montaño and Ecuadorian ambassador in Venezuela, Francisco Huerta.

The loan to PETROECUADOR for US$7,992,000 will finance the direct foreign currency costs of imported goods and services for two projects: Incorporation and Artificial Lift of the Paraiso, Pecuna and Cocal fields, and the N-Hexane Production project.

The loan for the Quito municipality for US$3,679,500 will be used to purchase machinery and equipment for road maintenance and solid waste collection.