Russia is interested in investing around $1bn in Ecuador to help develop electric power and oil projects, the country’s president Rafael Correa confirmed.

Correa said he held a conversation with Russia’s ambassador in Quito, Yan Burliay, who spoke of his country’s interest of investing in energy projects. The president didn’t provide further detail.

Separately, Russia’s Eximbank will make a loan of $123.2m to Ecuador for the construction of two hydroelectric plants, which are part of a project to generate around 253 MW in electricity by 2015.

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