U.S. International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler today joined officials from the Republic of Ecuador, including President Lenin Moreno and Minster of Finance Mauricio Pozo, to sign a framework agreement to support private sector investment in Ecuador. Under the agreement, the DFC will aim to provide financing for future projects that will support development and economic growth in Ecuador.
The framework agreement provides criteria for future investments to be considered by DFC for financing, with the proceeds supporting development in Ecuador or the refinancing of outstanding debt held by the Government of Ecuador. Each project under the framework would require individual approval by DFC and be subject to the agency’s extensive review process and due diligence. Under the framework, up to $2.8 billion is available for projects pending their approval by DFC. Loans under this framework would be directly linked to promoting sustainable economic growth. The agreement also establishes a long-term cooperative relationship between DFC and Ecuador’s Ministry of Economy and Finance.
U.S. Ambassador to Ecuador, Michael J. Fitzpatrick noted, “This framework agreement presents an opportunity for the United States to assist Ecuador in modernizing its economy. By alleviating onerous debt burdens, this cooperation will help Ecuador improve the value of its public services and infrastructure over the long-term.”