QUITO Ecuador's economy ministry said on Wednesday that the Inter-American Development Bank (IDB) approved a $500 million loan to the South American nation, which would support government social projects.

Ecuadorean President Guillermo Lasso has set the strengthening of the social project budget and an action plan against the El Nino weather pattern as top priority in this year's term.

The government's fiscal order strategy with a social focus has "consolidated the trust and credibility of the international community," economy minister Pablo Arosemena said.

The loan has a fixed rate and can be repaid in 19 years, with a grace period of up to 7 years, he added.

IDB did not respond immediately to a request for comment.

Ecuador's government has said it will also look to other multilateral organizations, including the International Monetary Fund (IMF), for preventive credit lines.

The country successfully concluded a credit agreement for $6.5 billion with the IMF at the end of last year.

(Reporting by Alexandra Valencia; Writing by Carolina Pulice; Editing by Brendan O'Boyle)