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Search resuls for: "China Development Bank"


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☆ Indonesia's China-funded rail project on track despite cost overrun
  + stars: | 2022-10-13 | by ( Yuddy Cahya Budiman | ) www.reuters.com   time to read: +3 min
Indonesian President Joko Widodo stands beside an Electric Multiple Unit high-speed train for a rail link project part of China's Belt and Road Initiative at Tegalluar train depot in Bandung, West Java province, Indonesia, October 13, 2022. Antara Foto/Hafidz Mubarak/via REUTERSTEGALLUAR, Indonesia, Oct 13 (Reuters) - A high-speed railway project in Indonesia, part of China's Belt and Road Initiative, is on track for a 2023 launch despite ongoing negotiations between the two countries about the project being over-budget, officials said on Thursday. KCIC has said the project is facing a cost overrun of about $2 billion, raising the estimated total cost to 113 trillion rupiah ($7.36 billion). KCIC's President Director Dwiyana Slamet Riyadi confirmed the discrepancy in cost calculations, saying negotiations are underway to resolve it. Dwiyana said discussions were ongoing as to whether Chinese President Xi Jinping may witness a trial run of the rail project when he visits the Southeast Asian country next month for the G20 leaders' summit.
☆ Ecuador reaches deal with China to restructure debt
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Lauren Justice/File Photo/File PhotoSept 19 (Reuters) - Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some $1.4 billion until 2025. Ecuador's President Guillermo Lasso announced in February that he was looking to restructure the country's debt and improve the conditions of long-term oil sales contracts with Beijing. Ecuador also managed to reduce certain applicable interest rates and suspend all amortizations with China Eximbank for a six-month grace period, the government said. State-owned energy company Petroecuador reached an agreement with Petrochina (601857.SS) last week on a number of crude oil deliveries. The Wall Street Journal first reported on Monday that Lasso had announced a deal to with China to restructure $4.4 billion worth of debt.
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