China Eximbank provides $113.8 million loan for supply of locomotives and passenger wagons to support the San Martin Railway

Project narrative

In 2010, the Export-Import Bank of China (China Eximbank) and Argentina’s Ministry of Economy and Public Finance signed a $113,828,594.05 loan agreement for the supply of locomotives and passenger wagons to support the San Martin Railway. The maturity length of the loan was eight years, but its interest rate and grace period are unknown. The borrower was to use the proceeds of the loan to finance 85% of the cost of a $134 million commercial contract with China South Locomotive and Rolling Industry (CSR). The loan's (principal) amount outstanding was $94,392,273.70 as of December 31, 2015, $65,943,375.18 as of December 31, 2017, $37,494,476.66 as of December 31, 2019, and $23,270,027.34 as of December 31, 2020. The purpose of the project was to acquire 24 diesel locomotives and 160 cars for the San Martín commuter network from China South Locomotive and Rolling Industry (CSR), as well as 45 railcars passengers for subway line A (Proyecto Suministro de Locomotoras y Vagones de Pasajeros para el Ferrocarril San Martin). The new cars entered service in April 2014.