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Ecuador's finance ministry has inked a guarantee for a US$43mn loan from South Korea's Ex-Im Bank to fund a potable water project in Pichincha province's Santo Domingo de los Colorados municipality.
The contract will allow Santo Domingo to access the loan to expand its potable water system, according to government news agency El Ciudadano.
The Santo Domingo government authorized the Ex-Im Bank loan last December. The municipality will have 25 years to pay back the loan, and will also contribute US$13mn to the project.
The South Korean government has expressed interest in funding similar projects in future, according to the report.