OREANDA-NEWS. In the course of the Ecuadorian President's formal visit to Russia in the presence of the Russian President Vladimir Putin and Ecuadorian President Rafael Correa Delgado Vnesheconombank, CJSC ROSEXIMBANK (Vnesheconombank Group), GPB (OJSC) and Company EMPRESA PUBLICA ESTRATEGICA CORPORACION ELECTRICA DEL ECUADOR EP (the Republic of Ecuador) entered into a credit agreement.

Under the agreement the banks are to extend credit facilities for a total amount of up to 195.2 million U.S. dollars for a period of 14 years to the Ecuadorian Company.

Vnesheconombank is to act as a major creditor and its participation share is to amount to 140 million U.S. dollars. CJSC ROSEXIMBANK is to act as a paying agent.

The credit facilities will be used to fund expenses associated with constructing, supplying, installing and commissioning a gas turbo generator, introducing a combined cycle at thermal power station "Termo Machala" (El Oro Province) and building electric energy infrastructure under the agreement concluded in July of 2013 between LLC INTER RAO-Export and Company EMPRESA PUBLICA ESTRATEGICA CORPORACION ELECTRICA DEL ECUADOR EP.

The project's implementation would help to stimulate manufacturing and export of Russian high-technology products as well as enhance economic, scientific-technical and trade cooperation between the Russian Federation and the Republic of Ecuador.