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Source: http://shadow.foreignpolicy.com/posts/2011/02/15/irans_man_in_ecuador
Iran's Man in Ecuador
(Foreign Policy) Jose R. Cardenas - Iran and Ecuador have concluded a $30 million deal to conduct joint mining projects in Ecuador that appears to lay the groundwork for future extractive activities. Ecuador is known to possess deposits of uranium. In August 2009, Russia and Ecuador signed a nuclear agreement that included joint geological research and development of uranium fields, as well as building nuclear power plants and research reactors. In March 2009, the International Atomic Energy Agency also unveiled plans to help Ecuador explore for uranium. In a December 2008 deal, the Export Development Bank of Iran (EBDI) offered to deposit $120 million in the Ecuadorean Central Bank to fund bilateral trade. EDBI, however, was sanctioned in October 2008 by the U.S. Treasury Department for helping to finance Iran's weapons of mass destruction programs.