Ecuador signs MOU with Singapore Aviation Consortium

Ecuador signed a memorandum of understanding with the Singapore Aviation Consortium, a jointly- owned public-private industry group, local radio 938 Live reported on Thursday.

The agreement will allow Singapore Aviation Consortium to operate Ecuador's Port of Manta and the city's airport.

The company will spend more than 500 million U.S. dollars to improve the Pacific coast city's transportation infrastructure.

The agreement comes as Ecuador mulls a three percentage point tax reduction for businesses to help boost investment and job growth. It is looking at a proposed cut in the corporate income tax rate to 22 percent from 25 percent.

Source: Xinhua