QUITO -- Ecuador's Finance Ministry announced that the country has signed a $970 million credit facility with
the Industrial and Commercial Bank of China (ICBC).
According to the statement, $820 million will be disbursed in the coming days and $150 million will be disbursed at a later time.
The loan will have a 5 year maturity with a 3-month Libor + 6.2% interest rate.
The Finance Ministry also stated that the loan is not attached to any specific project and is "freely available."
Ecuador says it is part of the financing agreements it announced in January of 2015.
In January of 2015 Ecuador announced that it had signed $7.5 billion in financing agreements with China. This $970 million facility is the first tangible result that analysts have seen since that announcement last year.