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China Bank Approves $2 Billion Loan to Finance Ecuador Budget

Ecuador signed a $2 billion loan with China Development Bank Corp., its second in less than a year, as the Asian nation seeks to secure energy and commodities supplies to meet demand in the world’s second-biggest economy.

The agreement was signed in Beijing yesterday, Ecuador’s Finance Ministry said in an e-mailed statement, without providing more details. Finance Minister Patricio Rivera said June 14 the loan will be used to finance budgeted public works projects and will have a maturity of eight years.