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03 May 2016, Annie Tsoneva, EMIS Editor

Ecuador eyes privatisa-tion

Ecuador will privatise a number of assets and will use the receipts from their sale to cover part of damages caused by a recent deadly earthquake in the provinces Manabí and Esmeraldas, M-Brain - News Monitoring reported on Tuesday citing Ecuadorian President Rafael Correa as saying.

The assets, which will be put up for sale include, Sopladora hydroelectric plant and Banco del Pacifico bank. The construction of 900MW plant Sopladora, is 98% complete.

The revenue from privatisation of both companies would be used to replace a temporary rise in value added tax.

The government also wants to divest two television broadcasters worth between $ 25 million and $50 million.

Ecuador also wants to lure private capital into state-controlled telecom CNT, hydrocarbon shipping company Flopec, airline Tame and textile company Fabrec, Correa added.

Some 650 people were killed in the earthquake which hit Ecuador on April 16.

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