Ecuador will renew electrical system with IDB support
The agency approved a loan of US $ 100 million that will allow the South American country not only to modernize but also to increase the reliability of its electrical system
In order to promote the modernization and strengthening of Ecuador’s electricity system, the Inter-American Development Bank recently approved a US $ 100 million loan.
Through this support, the country will continue working to solidify the National Interconnected System. The sum allocated by the IDB will also allow the Ecuadorian government to acquire new equipment for the National Distribution System.
It should be noted that Ecuador’s electricity sector is a reference in the region thanks to its “maturity, reliability and high coverage and quality in the provision of the service”, according to the IDB report.
This achievement comes hand in hand with constant investments by the Bank aimed at achieving a robust, efficient and reliable National Interconnected System. The most favored areas are transmission, distribution, rural electrification and energy efficiency.
The Ecuadorian authorities will use the new loan to guarantee a high quality service, as well as the digitalization of the system and replacement of expired equipment to optimize the operational capacity.
The repayment term of the loan is 25 years, “with a five-year disbursement period, a 7.5-year grace period and an interest rate based on LIBOR” (London InterBank Offered Rate).
M.Pino
Source: Iadb.org
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