QUITO (Reuters) – The Development Bank of Latin America (CAF) has approved three credits for Ecuador worth a total of $488 million, part of which will help the next government with funding, the Economy and Finance Ministry said on Friday.
A first credit of $200 million will be used to install electricity at shrimp farms and other places in five coastal provinces, a project that has been repeatedly delayed, the finance ministry said in a statement.
The CAF also approved a $117.5 million credit for the health sector and another $170.2 million for education, the statement added, without giving further details on the programs or repayment conditions.
Economy Minister Pablo Arosemena has been participating in a CAF meeting this week in Spain.
President Guillermo Lasso, whose successor will be elected in an Oct. 15 vote, has repeatedly turned to multilateral organizations including the International Monetary Fund (IMF) for funding.
Former lawmaker Luisa Gonzalez, who is facing business scion Daniel Noboa in the vote, has said she would carefully consider whether to take out more multilateral loans if she were elected.
(Reporting by Alexadnra Valencia; Writing by Julia Symmes Cobb; Editing by Matthew Lewis)