The U.S. International Development Finance Corporation recently signed what it called a “novel model” with Ecuador to help pay off billions of dollars of the South American country’s loans to China that were used to buy Huawei equipment. In exchange, Washington received assurances that Quito will ban the Chinese tech giant from their market.
“It is a novel approach that very strongly combines both missions of the DFC. The first is that we are going to impact development in Ecuador in a very positive way,” said outgoing DFC CEO Adam Boehler about the arrangement.
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