WDAS has already signed Letters of Intent with Premier Housing Development of Machala focusing on residential housing projects based in Ecuador. The Company was very impressed by the recent news that Ecuador will spend more than $900 million on housing and infrastructure projects in a bid to revive the country's economy. Ecuadorian President Rafael Correa announced these stimulus projects to begin driving the Ecuadorian economy which is focusing first on housing. Most of the money for the investments will come from $2.2 billion in international reserves that the government is repatriating from the foreign banks where the reserves are being held, Correa said in a public address two weeks ago in Quito, Ecuador.
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