773,200 USD drawn down from ETCA credit line for design costs of now-cancelled Quito Education Center (linked to #85568 and #88260)

On February 1, 2005, the governments of Ecuador and China signed Letters of Exchange committing an unknown amount of funding to the Quito Education Center Project (Proyecto de Centro Educativo de Quito) (captured in project #98658). However, in Letters of Exchange signed November 14, 2011 and April 13, 2012, at the request of the Government of Ecuador, the project was cancelled. At that point, the preliminary design and detailed project exploration had already taken place. The costs associated with this, as well as the time spent on these steps, was 1,521,100 USD. Of this cost, 747,900 USD was cancelled (captured in project #88259) and 773,200 USD was still owed. This 773,200 USD was drawn from an interest-free credit line provided through an Economic and Technical Cooperation Agreement (ETCA) signed March 21, 1994. The maturity period for this credit line was 20 years and the grace period 10. The grant associated with what appears to be a feasibility study for the Center is captured in project #85568.

Additional details

The feasibility study in #85568 appears to be a different project, because it was specifically financed by separate Letters of Exchange signed in 2004, not by the February 2005 Letters assigned with the steps that were paid for in project (i.e. design creation).

Number of official sources

2

Number of total sources

2