Ecuador Fisheries Get $50m IDB Loan

The IDB is extending $50m in long-term concessional financing to Ecuador’s fishing communities. Financing will be complemented by $23m in local counterpart funds, the bank says. Of the total amount of the loan, a $38.08m portion has an amortization period of 30 years, a grace period of 5.5 years and a variable interest rate. A $9.52m portion has an amortization and grace period of 40 years and a 0.25% interest rate. The remaining $2.4m has an amortization period of 20 years and a grace period of 4 years. The interest rate will be based on Libor.