BEIJING: Pakistan Railways has signed loan agreements with a Chinese bank to purchase coaches and locomotives, informed sources said.
The two loan pacts were signed with China’s EXIM Bank.
The Pakistani delegation was led by Member Finance Pakistan Railways Jehangir Aziz and included senior officers from the Finance Ministry and Ministry of Railways.
Under the loan agreements, Pakistan Railways will purchase 75 locomotives and 205 coaches.
The railway engines will be provided by Messrs Dong Fang Electric Corporation (DEC), while coaches will be delivered by China Machinery Import and Export Corporation (CMC).
Under the loan deals, EXIM Bank would provide credit to the tune of $110 million for the purchase of 75 locomotives and $134 million for 205 coaches.—APP
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