"We anticipate that within 60 days all will be ready for the first disbursements," he told reporters, adding that the funds will go to the oil and energy sectors.

The announcement comes as Ecuador solicits bids for the construction of what would be the largest hydroelectric complex in the country, Coca Codo Sinclair, with a 1,500 megawatt capacity.

The project would require an investment of two billion dollars. One Chinese bidder, Sinohydro, has proposed providing up to 85 percent of the financing.

The government of socialist President Rafael Correa is negotiating several bilateral loans, notably with Iran but also with regional bodies, to avoid a freeze in energy projects due to the world financial crisis.

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Washington DC (UPI) Apr 29, 2009
Iran is not excluded entirely from emerging as a possible natural gas supplier to the Western-backed Nabucco pipeline, U.S. representatives said. Turkey has a key role to play as an important energy hub in the European drive to diversify regional natural resource transit options, Czech officials said. The Calgary-based TransCanada Corp. began its permit process for an Alaska gas pipeline by submitting plans to a U.S. energy commission for review.