Railway electrified on borrowed yen
From
BRUCE ROSCOE
in Tokyo Details of New Zealand Railways’ unusual financing arrangements with Japan for the electrification of the Noth Island Main Trunk line have been given by “Nihon Keizai Shimbun,” Japan’s leading business daily newspaper. Japan Leasing Corporation and Mitsui Leasing and Development, Ltd, next month will begin disbursements to New Zealand Railways that will total 20 billon yen (about $166 million) by 1988. The money will be used l5 electric locomoof British make, to be assembled in Australia and
New Zealand, and transformers and signal systems. New Zealand Railways will have 20 years to repay the money. The two Japanese lease firms will not own the equipment but' hold it as security. The locomotives will run on the 485 km Palmerston North-Hamilton section. Nihon Keizai said that the total cost of electrifying this link was about $390 million. The work would be completed by 1988. A contract was signed in Tokyo in June between the Railways and Sumitomo Corporation, which &, managing the financinwof the lease.
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Press, 23 August 1984, Page 15
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173Railway electrified on borrowed yen Press, 23 August 1984, Page 15
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