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Ecuador: There is "good news" in negotiating with China for hydropower

03:25 PM Quito .- Ecuador's government said today that there is "good news" about negotiating with a Chinese bank to finance the construction of the largest hydroelectric project in this South American nation.

According to EFE, Ecuadorian Vice President Lenin Moreno said that this week met with leaders of the Export-Import Bank of China (Eximbank) to talk about the hydroelectric project Coca-Codo-Sinclair.

Moreno would not disclose what was discussed, but said the country's president, Rafael Correa, in the coming days will offer the "good news about these conversations" with the Chinese bank.

is because the Government of Ecuador was expecting a proposal from China to study the possibility of resuming negotiations on financing for the construction of the power plant, fail after a first round of talks.

"If the Chinese government wants to present a new alternative that meets the requirements of Ecuador, we are ready to listen, "said April 28 the coordinating minister for strategic sectors of Ecuador, Jorge Glas.

On 15 March, the Ecuadorian government gave conclude the negotiations with the Eximbank, considering "unacceptable" are requirements that entity to provide the credit required for the project.

The Chinese government insisted on resuming negotiations with a new proposal, whereupon said Glas expected to "analyze whether there is a chance to reach a definition. "

Chinese Vice Foreign Minister Li Jinzhang, told the public agency Ecuador News Andes, said his government "is keen on this project."

Ecuador requires an investment of 1,979 million dollars to build the hydroelectric project, which will have an installed capacity to produce 1,500 megawatts of power, almost 45 percent of the domestic demand for electricity.

Construction of the project was awarded to China's Sinohydro, however, implementation was tied to the negotiation of credit with the Eximbank. Http://caracas.eluniversal.com/2010/05/08/eco_ava_ecuador:-hay-buenas_08A3870183.shtml