Canadan and US ECAs finance South African purchase of Bombardier and GE locomotives

(Financial Post, Johannesburg, 2 March 2015) Export Development Canada is providing South Africa’s national rail operator with a US$450-million loan to finance a major purchase of rail equipment from Quebec-based Bombardier. The rail operator, Transnet SOC Ltd., recently awarded a US$1.2-billion contract to Bombardier Transportation South Africa Ltd. for the delivery of 240 TRAXX dual-voltage locomotives. The Export-Import Bank of the U.S. will also guarantee US$500 million in loans provided by Barclays Africa Group Ltd., Standard Bank Group Ltd. and Old Mutual Plc for the manufacture of 293 locomotives by GE.

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