Railways inks loan deals to buy locomotives, coaches

[LahoreEstate]

Wednesday, December 16, 2009
BEIJING: The Pakistan Railways has signed loan agreements with a Chinese bank to purchase coaches and locomotives, sources said here on Tuesday.

The two loan pacts were signed on Monday with the EXIM Bank. The Pakistani delegation was led by Member Finance Pakistan Railways Jehangir Aziz. Under the loan agreements, the Pakistan Railways will purchase 75 locomotives and 205 coaches. The railway engines will be provided by the Dong Fang Electric Corporation (DEC), while the coaches to be delivered by the China Machinery Import and Export Corporation (CMC).

The loan deals would help the Pakistan Railways to purchase the locomotives for which the EXIM Bank would provide credit to the tune of $110 million, while for the coaches, the bank would lend $134 million.




http://www.thenews.com.pk/daily_detail.asp?id=213545