US Exim has signed a credit agreement totalling US$94.3mn to finance the export of 50 General Electric (GE) locomotives to Indonesia.
The agreement is in favour of Jakarta-based PT Kereta Api (PTKAI), the national railway operator in Indonesia, which plans to upgrade and modernise the country’s rail infrastructure.
Commenting on the deal at the signing ceremony in Washington, GE Transportation president and CEO, Russell Stokes, says: “US Exim’s support is a critical part of GE’s ability to win foreign sales and deliver for our global customers like PTKAI. With the financing now secured, GE will build 50 locomotives in Pensnsylvania and deliver them next year to Indonesia.”
“This transaction will empower Indonesia to build an enduring, reliable transportation infrastructure on the foundation of US quality products,” adds president of US Exim, Fred Hochberg.