China’s Export-Import bank has granted Ecuador a credit line of US$5.3 billion, US$1.5 billion of which President Rafael Correa said would be used to finance public-work projects including transportation and irrigation, Bloomberg reported, citing Correa’s official gazette. The credit line comes on the heels of prices hitting nearly a six-year low for crude oil, the biggest export of Ecuador, which announced yesterday that it would cut the country’s 2015 budget by US$1.42 billion (almost 4%) due to a decline in oil revenue.
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