Loan to help buy engines
(N.Z.P.A.-Reuter—Copyright) WASHINGTON. A $7.35m loan to New Zealand to help buy 34 American-built diesel electric locomotives has been approved by the United States Export-Import Bank. The bank loan covers 45 per cent of the cost of the locomotives. The First National City Bank of New York will cover another 45 per cent of the cost, and the New Zealand Government will make a cash payment of 10 per cent. The locomotives, to be built by the General Electric Corporation, will be used in the North Island on freight service. Delivery of the engines, at two a week, will begin in June, 1975. The bank loan will be repaid at 7 per cent interest.
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Bibliographic details
Press, Volume CXIV, Issue 33672, 23 October 1974, Page 14
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118Loan to help buy engines Press, Volume CXIV, Issue 33672, 23 October 1974, Page 14
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