Reuters cited Mr Rafael Correa President of Ecuador as saying that Ecuador expects to receive more than USD 2.5 billion in financing from Russia to develop strategic sectors of the oil exporting country economy.

The leftist leader was in Russia last week when Moscow announced that Ecuador had asked for a loan. Terms of the financing were not disclosed.

Ecuador has already signed a USD 1 billion cash for oil deal with China and Mr Correa told Reuters last month that he expected more bilateral deals in the future.

Mr Correa said "There are a lot of projects, for example, financing of more than USD 2.5 billion for Ecuador's strategic sectors. He did not elaborate on what sectors would receive financing.”

Oil is the biggest industry of OPEC member Ecuador which produces 500,000 barrels per day of crude. Russia pumps 20 times as much.

(Sourced from Reuters)