04:47 AM EDT, 06/18/2024 (MT Newswires) -- Colombia's Ecopetrol ( EC ) said late Monday that the country's finance ministry authorized it to execute a loan agreement for up to 1 trillion pesos ($242.2 million).

Banco de Bogota (642 billion pesos), Banco de Occidente (208 billion pesos), and Banco Popular (150 billion pesos) are the likely lenders, the company said while breaking down the amounts expected from the three lenders.

The seven-year term comes with a grace period of two years from the first disbursement.

The amortization for the loan will likely be in 10 equal semi-annual installments after the grace period.

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