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22.08.2011
12:10

Preliminary Conditions Met

Eximbank of Russia has informed Ecuadorian utility company Hidrotoapi E.P. and members of the bank syndicate* that preliminary conditions for a US$ 123m loan agreement to become effective have been met.

Preliminary conditions mean availability of necessary documents that must be received by Eximbank of Russia as the arranger bank: including, a sovereign guarantee of the Republic of Ecuador, permissions of Ecuadorian authorities to make the deal, entitlement, license and other legal documents. Moreover, a government guarantee of the Russian Federation is another prerequisite for an export-import transaction, and Eximbank of Russia has recently obtained such a guarantee from the Russian Ministry of Finance for US$ 180m.
The syndicated loan will be used to finance 85% of a contract between Russian Inter RAO UES and Hidrotoapi E.P. for engineering services and supply of Russian power equipment for Sarapullo, Alluriquin and Toachi Hydro Power Plants in the scope of the Toachi Pilaton hydro power plant cascade project.