More - Ecuador signed $2bn hydroproject. Also note the article looks like it was published 2 minutes before the meeting at 3pm with rural representatives which continued into the evening. See highlighted sections for relevent themes:
Government signs contract for construction of hydroelectric project Coca-Codo Sinclair
Source: Presidency of the Republic Monday, October 05, 2009 14:58
Quito (Pichincha).- The President of the Republic, Rafael Strap, and the authorities of the Chinese business Sinohydro, they signed today the contract for the construction of the project hydroelectric Coke Elbow Sinclair. "This it is a historic day (…) Today is inaugurated a second phase for the country", the
Proxy said.
The Head of state indicated that the changes offered by the Government of the Civic Revolution are complying, despite the position of "the sectors that have enjoyed the privileges and that, upon being seen affected, they are conspiring" to generate instability.
"We have gone quickly to summarize this project, defending to the last cent the interest of our country for achieve a just contract for the parts and that soon will be translated in hydroelectric the greater dam of the Equator", indicated the President Strap.
The Chinese business will take charge of the construction of the work that will require an investment of $1,979 million and will be financed in a 15% with national capital and in a 85% with resources of the former one Im Bank of China. The details of the credit to are about to define.
As it explained the ambassador of China in the country, Cai Runguo, the agreement for the financing would remain defined in November next. "We expect that when the delegation of the Conference Consultative Politics of China visit the country we can celebrate the contract of financing of our bank", said.
The ambassador reaffirmed the will of his country and of his investors to support not alone to this project. "Where other they see risk, we see opportunities and this country he has many opportunities to grow", he mentioned.
On the matter, the Head of state indicated that the investors go to "where they see honest Governments clear politics and, above all, profitable projects, and that is what has the Government of the Civic Revolution".
"Without having that to kneel us before nobody, without having that to ask charity to nobody, and in full world economic crisis, we are receiving the greater investment of the history", noted.
The work, located in the canton The Chaco (Napo), foresees to supply of own electric power to the 75% of the national territory since projects a capacity of 1,500 megawatts of power. In this manner, indicated the Coordinating minister of French, Strategic Sectors Borgia, Equator will be able to stop buying expensive energy to Colombia and to Peru. "With the high current costs is difficult that the country can compete", declared the Proxy.
The project will permit to reduce, even in a 50%, the generation cost average of energy.also will diminish the importing of diésel and nafta for production of electricity and the subisidio assigned by the State for the generation. "Without Coke-Elbow Sinclair, the country loses $2 million", explained.
According to the forecasts of the state, the construction of the hydroelectric plant will create some 4,000 direct jobs and 15,000 indirect. The labor done not qualify, mostly obresos, will be 100% of the locality.
"This project counts on total support of the Chinese Government and him will be executed in the framework of a contract whose spirit is the mutual confidence and the mutual benefit, complying the commitments and respecting the culture and Ecuadorian tradition, toward the joint development", the vice president said of Sinohydro, Li Yueping
He stood out that the company is a leader in the construction of this type of projects. In China they have built the 70% of the large and medium hydroelectric power stations, among the ones that the prey is found The Three Throats. /GMC Presidential Press