Ecuador may default on a more than US$200 million loan granted by a Brazilian development bank to build a hydroelectric plant in central Ecuador, President Rafael Correa said Wednesday.The loan from Brazil's state-owned National Development Bank financed nearly three-quarters of the plant, which closed on June 6.
Correa said the plant was poorly constructed by Norberto Odebrecht, a Brazilian construction company hired for the job. He expelled the company from Ecuador on Tuesday, ordering its assets seized and suspending its executives' constitutional rights _ meaning they were prohibited from leaving the country.
Two Odebrecht executives took refuge at the Brazilian ambassador's house in Quito, while two others fled, an Odebrecht spokesman confirmed Wednesday. He declined to give his name because he was not authorized to speak on the topic.
The building company said it has offered to repair the power plant for free, and to pay Ecuador US$43 million that it estimates the plant has lost in income since its closure.
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