Ecuador plans to develop a loan portfolio for new investments of the European Investment Bank (EIB), which will involve an increase in financing of up to 1,000 million dollars, said the Ministry of Finance.
"The country has an important credit line with this European entity and it is planned to develop a loan portfolio for new investments, which will involve an increase in financing to USD 1 billion," the ministry said in a statement.
President Lenin Moreno received the Vice President of Latin American Operations of the EIB, Emma Navarro, to review the contribution of this entity to the economic development of Ecuador.
The official's visit reflects and strengthens the confidence of the multilateral, development and investment banks on what Ecuador is doing, according to the Minister of Economy and Finance, Richard Martínez.
The minister stressed that the EIB is committed to supporting Ecuador in its efforts to achieve its sustainable development goals, particularly climate action, which includes renewable energy, energy efficiency, water and sanitation, and human transportation, among others.
Navarro said that Ecuador is an important partner of the European Union and reiterated the commitment of the EIB to continue supporting it in investments that favor the sustainable development of the country, as it has been doing in projects related to the Quito Metro and the reconstruction of the areas affected by the earthquake of April 2016.
The banker reported that work is underway to promote the construction, expansion and equipment project of 15 technical and technological institutes that will contribute to the professional training system of young Ecuadorians.
Ecuador currently maintains a loan portfolio of 387.6 million dollars with the EIB.
The largest financing line is for reconstruction due to the 2016 earthquake, for 175 million dollars, and the rest of the loans are related to infrastructure (Quito Metro), wastewater treatments and strategic real estate projects.
The EIB, the EU's financial community body, was created in 1958 under the Treaties of Rome and its headquarters are in Luxembourg.