The Ecuadorian government announced a major debt restructuring deal with China’s two largest policy banks that will provide $1.4 billion of debt service relief over the next three years.
President Guillermo Lasso said his administration reached an agreement this week with the China Exim Bank and the China Development Bank that will ease the repayment terms for $4.4 billion of loans. In typical Chinese fashion, none of the outstanding debt will be canceled. Instead, the banks agreed to extend the term of the loans and reduce both the interest rates and amortization.
- Get a daily email packed with the latest China-Africa news and analysis.
- Read exclusive insights on the key trends shaping China-Africa relations.
- Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.