Andean Development Corporation (CAF) is planning to provide about $2.2 billion in loans to Ecuador over the next three years, NASDAQ reports. Out of the total amount, about $1.5 billion will be used in the public sector, while the remaining will go to the private sector. The loans will be used to finance projects for energy, infrastructure, health and education. Ecuador, which had earlier defaulted on its 2012 and 2030 bonds in 2008, gets external financing mainly from CAF and Inter-American Development Bank (IDB).
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