Ecuador strikes funding agreement with US s DFC
Ecuador strikes funding agreement with US s DFC Ecuador could get up to $3.5 bln from U.S. Development Bank to pay down expensive debt and reactivate the economy
The government of Ecuador signed on Thursday a line of credit for up to $3.5 billion with the U.S. government s International Development Finance Corporation (DFC), just as both administrations are nearing the end of their terms.
The loan will carry a Libor plus 2.25% interest currently 2.48% per year and a maturity of eight years, with a one-year grace period. This agreement for up to $3.5 billion will be used for early redemption of expensive debt and to reactivate the productive sector, President Lenín Moreno of Ecuador said during an online press conference that followed the signing of the agreement.