Carrizal-Chone irrigation project secures US$77mn credit

Ecuador's development bank Banco del Estado has agreed to extend a US$77mn credit to help finance the first phase of the country's Carrizal-Chone irrigation project, newspaper El Diario reported. The bank signed the credit agreement document with the Manabí province water resources regulator (CRM) and Ecuador's finance ministry. The US$19.5mn first tranche is due to be handed over by April 12. A government counterpart loan of US$21mn has already been allocated, the paper said. The irrigation works, 44% complete to date, are on schedule to wrap up in August or September, and are expected to benefit 5,900ha of farmland in the initial phase. The CRM is the project executor while Ecuador's Hidalgo & Hidalgo and Brazil's Odebrecht are carrying out the construction. The 110km-long project will irrigate the Carrizal river valley in Manabí province, as well as help with flood control works during the winter season. Some 150,000 residents will benefit.