China Helps Fund Argie Trains

Argentina has signed a $2.47bn financing package with China Machinery Engineering (CMEC) to revamp the Belgrano-Cargas freight train line, the country’s Interior Ministry says. Half of the package is a 15-year loan with China Development Bank, at 7.1% interest. The proceeds will go to the purchase of new railroad cars, the repair of half the existing fleet and the laying of new rails. The initial contract for China Machinery Engineering to revamp the train line was signed in 2010.