February 15, 2009

Ecuador says China to finance power plant

Ecuadoran President Rafael Correa says it's almost assured China will finance at $2 billion hydroelectric power plant.

Correa, who met with Chinese Vice Premier Hui Liangyu Friday in Quito, called it extraordinary news, the Latin American Herald Tribune reported Sunday. The Coca-Codo-Sinclaire plant is planned for Ecuador's Amazon region.

Correa said during his weekly radio and TV address that China wants to invest a lot in the country, though details remain to be ironed out.

They're ready to give us $1.7 billion in financing for Coca-Codo-Sinclaire, he said. This is extraordinary news, it's almost assured.

He said China also is ready to take part in construction of an oil refinery, and roadways.