Ecuador announced $1B credit line from China

QUITO, Ecuador

Ecuador says China will extend it a $1 billion credit line for strategic projects and joint ventures with Chinese businesses.

Deputy Finance Minister Maria Dolores Almeida says the financing agreement will be signed at the end of August in China.

She says about 80 percent of the financing is available for a variety of projects and 20 percent is reserved for joint ventures with China.

China is already financing what will be the South American country's largest hydroelectric project.

China also is backing major development projects in Venezuela under a $20 billion package to be paid off with oil shipments.

Almeida spoke Tuesday at a news conference.