The Inter-American Development Bank (IDB) will help Ecuador with a $60 million loan to rebuild electrical infrastructure in areas hit by an earthquake last April, through the incorporation of quake-resistant features in the provinces of Esmeraldas, Manabí and Santo Domingo.
The specific goals of the project are to restore the supply of electricity through the sub-transmission systems of the utility companies affected by the quake and facilitate reliable supply of electricity to final users through the implementation of electrical distribution projects.
On April 16 of last year, an earthquake of magnitude 7.8 struck the Cojimíes and Pedernales areas of Manabí province on Ecuador's coast. The intensity of the tremor was greatest in the northwest of the country, damaging 14 districts of the provinces of Manabí, Esmeraldas and Santo Domingo.
The program features resources from the IDB's Ordinary Capital fund totaling $60 million over a 25-year term, with a 6-year grace period and an interest rate based on LIBOR. The local contribution of the government of Ecuador will be $9.2 million.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.