Narrative
Full Description
Project narrative
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 Record ID#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 Record ID#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 credit line was for US$ 8,500,000 with a maturity period of 20 years and a grace period of 10. The Government of Ecuador was to repay the amount utilized under the credit line to the Government of China in freely convertible currency or Ecuadorian export products, as agreed upon by both governments. The repayment period was to last ten years, from April 1, 2004, to March 31, 2014. Starting in 2004, the Government of Ecuador was to annually repay one-tenth of the amount already utilized.