January 15, 2020 / 3:32 AM / a month ago

Ecuador to issue $400 mln bond to finance social housing project

QUITO, Jan 14 (Reuters) - Ecuador is planning to sell a bond worth $400 million to fund the country’s social housing project, a source familiar with the matter said on Tuesday, as the government attempts to revive its economy with investments in the construction sector.

The bond will be backed by the Inter-American Development Bank.

The country’s social housing fund offers loans at subsidized interest rates to middle-income Ecuadorians.

Ecuadorian President Lenin Moreno has struggled to stabilize the country’s fiscal deficit and comply with an IMF financing agreement, withdrawing a fuel subsidy cut in October that had sparked days of violent protests led by indigenous people.

The International Monetary Fund expects the economy to have contracted 0.5% in 2019, but predicts a slight recovery this year.

The source said the bond would be issued shortly. (Reporting by Alexandra Valencia; Writing by Angus Berwick, Editing by Sherry Jacob-Phillips)

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