Ecuador succeeds in restructuring its debt with the People’s Republic of China

Ecuador reached an agreement with Chinese banks to provide about $1.4 billion in debt relief through 2025.

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The ongoing investigation by the Ecuadorian authorities has led to the raid of the offices of Coca Codo Sinclair, a hydroelectric plant built in Ecuador. The construction of this plant involved Sinohydro, a Chinese state-owned company.

Economic ties between Ecuador and China

China is now Ecuador’s largest trading partner. This year, Ecuador’s exports of non-oil or mining products to the People’s Republic of China (PRC) increased by 81%.

Ecuadorian banana exports to China grow stronger

According to the Ecuadorian Association of Banana Exporters (AEBE), the figures for banana exports to the Asian country in the first half of 2022 are encouraging, with a growth rate of 25.24% consolidating China as the main destination in the region.

Bilateral relations between China and Ecuador

This year officially marked the beginning of negotiations between Ecuador and China with a view to signing an FTA. The most recent meeting have involved different roundtables which have worked on different issues.

Petrochina seeks higher oil volume in pre-sales renegotiation

The largest state-owned oil company of the People’s Republic of China (PRC), Petrochina, is asking Ecuador for larger vessels to transport oil to the Asian market.

Wang Yi: “China seeks to strengthen cooperation with Latin America and the Caribbean”

On May 20, China’s State Councilor and Foreign Minister Wang Yi held telephone conversations with the Foreign Ministers of Uruguay, Ecuador, and Nicaragua.

Ecuador seeks to break out of the labyrinth of oil pre-sales with China

Ecuador is still struggling to divest itself of oil pre-sales. Although there are contracts with the oil creditor companies, the Ecuadorian government is looking for a way to change the situation to its advantage. The business meant a loss of almost US$5,000 million for the country.

China to donate USD 60 million to build 2,932 housing units in Ecuador

On April 11, the Ambassador of the People’s Republic of China in Ecuador, Chen Guoyou, joined the President of Ecuador, Guillermo Lasso, in a special program announcing the delivery of 2,932 houses for people who lost their homes in the earthquake in Esmeraldas and Manabí.

Ecuador terminates contract with China International Water & Electric Corporation

Corporación Eléctrica del Ecuador (CELEC) is a state-owned company engaged in the generation, transmission, distribution, commercialization, import and export of electricity. CELEC completed the construction contract for the civil works of the Toachi Pilatón hydroelectric project, signed on December 24, 2020, with China International Water & Electric Corporation (CWE).

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