China has agreed to provide Argentina with $236 million in funding to improve rail services in the South American country, officials said Monday.
The Argentine Ministry of Finance said in a statement that it has signed a line of credit with the China Development Bank (CDB) for the acquisition of rolling stock for the Roca railway, one of the main commuter lines in Buenos Aires and used by 600.000 people daily.
"This operation, within the framework of the Comprehensive Plan for Passenger Rail Transport in the Metropolitan Region of Buenos Aires, will partially finance the contract for the provision of coaches for the General Roca line, which will be executed by the Ministry of Transport of the Nation," the Ministry of Finance stated.
The project includes the purchase of 200 electric vehicles from the Chinese company Qingdao Sifang (CRRC), as well as the acquisition of spare parts, tools, hiring of technical service, training and maintenance of the vehicles.
According to the Argentine government, this addition will increase the transport capacity of the Roca line by 20% and improve connectivity from the outskirts to the center of the city of Buenos Aires.
The signing of this loan was carried out in Beijing, with the participation of the Undersecretary of International Financial Relations of Argentina, Martín Soto, and the authorities of the CDB, an entity that operates under the direct jurisdiction of the State Council of China.
Source: Reuters
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