Ecuadorian President Rafael Corre met with representatives from China Development Bank on Thursday to discuss the Chinese company's US$1 billion investment in the construction of Ecuador's biggest hydroelectric plant.
The first part of the investment would arrive in 60 days, Diego Borja, coordination minister for economic policy of Ecuador, said at a press conference.
Last September, the Ecuadorian government announced a plan to build Ecuador's biggest hydroelectric plant Coca-Codo-Sinclair, which would have a capacity of 1,500 Megawatts.
The plant will be located some 75 kilometers east to Quito and will cost about US$2 billion.
Chinese company Sinohydro-Andes will provide 85 percent of the cost, through the Export-Import Bank of China.
The remaining 15 percent will be funded by Ecuador and Argentina.
Ecuador has been troubled by power shortages, it spent roughly US$26.9 million on importing electricity from Colombia in 2008, according to a report issued by the National Center for Energy Control in January.
(Xinhua News Agency April 3, 2009)
