Chinese government provides 20 million RMB interest-free credit line to Government of Ecuador through ETCA (linked to Record ID#35773)

Project narrative

On August 28, 2003, representatives of the governments of China and Ecuador signed an Economic and Technical Cooperation Agreement (ETCA) in Beijing that provided the government of Ecuador a 20 million RMB (about 2.5 million USD) interest-free credit line. The credit line could be used for five years, between October 1, 2003, and September 30, 2008. Following was five years of additional grace (for a total grace period of ten years). The ten year repayment period took place following this, between October 1, 2013, and September 30, 2023. The projects to be financed by this credit line were unspecified at the time the agreement was signed, and banking procedures were to be handled by the Central Bank of Ecuador and the Bank of China. The ETCA specifies that, in order to use the credit line, the Chinese Ambassador and the Foreign Relations Minister of Ecuador would be required to sign Letters of Exchange. This project is linked to Record ID#35773, a grant provided in an ETCA signed on the same trip.