In the presence of Chinese President Xi Jinping and President of Ecuador Lenin Moreno, Zhang Qingsong, President of China Eximbank, and Richard Martinez, Minister of Economy and Finance of Ecuador signed the Loan Agreement on Transportation Infrastructure Reconstruction Phase I Project in Beijing on 12 December 2018.
The Transportation Infrastructure Reconstruction Phase I Project has drawn extensive attention from both countries and the international community. In 2016, an earthquake measuring 7.8 on the Richter scale struck northwestern Ecuador, destroying houses, roads and bridges in several places and causing serious casualties and property losses. The loan agreement was signed for the purpose of expanding the 33.8km-long backbone road between Esmeraldas and Manabi, and reconstructing two cross-river bridges and Manta Airport terminals. The project, once completed, will effectively upgrade Ecuador’s post-disaster transport infrastructure, improve the living conditions of local residents and promote the socio-economic recovery and development of the affected areas.
China Eximbank has long been providing financing support to Ecuador for the construction of several important projects in sectors such as electricity, power transmission and transformation network, and roads. Going forward, China Eximbank will fully leverage its strengths in providing quality financial services and endeavor to deepen the practical cooperation between the two countries.