Ecuador will receive next Monday a $480 million loan from the Latin America Reserve Fund, or FLAR, to finance public projects, the Central Bank said Wednesday.
The contract for the credit was signed Wednesday in Bogota by Ecuador Finance Minister Maria Elsa Viteri, Central Bank general manager Karina Saenz and FLAR officials.
The Central Bank said in a press release that the loan will be received on Monday in one disbursement.
The loan has a three-year maturity and carries an annual interest rate of Libor plus four points.
The FLAR is a fund established by six Latin American governments for balance of payments support to its member states.
The $480 loan is part of a package of $1.5 billion from multilateral lenders that Ecuador is seeking to cover the fiscal deficit for 2009
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