October 18, 2011
Beijing, Oct 18 (Prensa Latina) Ecuador and China signed a credit agreement for 672 million USD to finance the Sopladora Hydroelectric Plant, a project for increasing development and fighting poverty, according to the Ecuadorian Minister for Strategic Sectors, Jorge Glass.
The plant will save more than 270 million USD annually, Glas told Prensa Latina shortly after the signing of the agreement.
The contract with the Export-Import Bank of China (Exim Bank) will help to remedy the backward state of the Ecuadorian energy sector, hindered by past neoliberal policies and the lack of investment and efficiency in power generation, he explained.
The resources saved with the reduction of oil imports will be used to build more infrastructure works to improve the country’s competitiveness, as part of the fight against poverty and for improving the standard of living, key goals of the citizen’s Revolution, the minister added.
Among other achievements, Ecuador currently has the lowest unemployment rate in Latin America, while that indicator dropped ten percent among the indigenous population, Glas sustained.