EIB To Lend $261M To Ecuadorian Subway Line

Law360, New York (September 18, 2012, 1:45 PM EDT) -- The European Investment Bank has approved a €200 million ($261 million) loan to advance a planned $1.39 billion subway system in Quito, Ecuador, being designed by Madrid’s metro operator, according to documents released by the bank Tuesday.

The loan gets the city about one-third of the debt it needs to greenlight the project, which will be Ecuador’s first urban underground rail. The city’s transportation officials are also seeking $200 million from both the Inter-American Development Bank and the Andean Development Corp., a regional project lender....
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