The total amount of the credit, for a term of 10 years, at a preferential interest rate, is US$ 120 million and was agreed upon last March.

Ecuador received a first disbursement of US$81 million from a sovereign credit granted by the Government of Canada to advance towards the clean and equitable energy transition, the Canadian Embassy in Ecuador announced through a statement on its official X account.

“Canada thus supports the actions of the Government of Ecuador to confront the country's current energy crisis and enable investments towards a clean and equitable energy transition,” said the Canadian Embassy.

This first disbursement is part of an amount of US$ 120 million, for a period of 10 years, at a preferential interest rate. The embassy recalled that this credit was possible after the signing of a letter of intent, on March 5, between the Minister of International Development of Canada, Ahmed Hussen, and the Minister of Foreign Affairs of Ecuador, Gabriela Sommerfeld; and then, on March 15, the agreement to grant the credit was signed.

This credit, according to the Canadian embassy, complements an operation of the Inter-American Development Bank (IDB), carried out in August 2023, and will include technical assistance for Ecuador worth US$ 6.5 million to expand access to renewable energies in remote communications and promote the participation of women in this economic sector.

The delivery of these resources occurs in a context in which Ecuador returned to blackouts since last April 16; Although, due to the improvement in conditions at the hydroelectric plants, the outages were suspended since last May 1, and on Tuesday, May 14, the Minister of Energy and Mines (e), Roberto Luque, announced that there will be no power outages. until next 26th of the same month.