New loan for Ecuadorian energy sector
The loan will finance a project to overhaul and rehabilitate the distribution systems of electricity utilities in an effort to reduce energy losses.
The executing body is the Ecuadorian Electrification Institute (INECEL) which has received five loans from CAF.
The agreement was signed in CAF headquarters in Caracas by CAF President & CEO Enrique García; the Ecuadorian ambassador in Venezuela, Ximena Martínez de Pérez;, and INECEL general manager Alfredo Mena Pachano.
The project will rehabilitate the subtransmission and distribution networks of 10 INECEL regional electricity utilities, comprising a set of 11 subprojects with a total cost US$52 million.
The CAF president said the project was important because it would improve the efficiency of the electricity sector by cutting existing power losses by up to 20%, permitting adequate maintenance of the existing infrastructure.
"By means of cofinancing with other multilateral organizations -- García said -- the Corporation will finance basic infrastructure projects for production and services, primarily in the electricity and road sectors in Ecuador and the other member countries.”
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