Chilean state railway EFE has secured long-term financing of almost EUR 590 million (USD 700 million) from the Development Bank of Latin America and the Caribbean (CAF) and the Spanish state credit agency Instituto de Crédito Oficial (ICO). The funds will be used to modernise and expand the national railway network. CAF is providing up to EUR 421 million, with ICO contributing a further EUR 168 million. The facility has a term of 20 years and includes a five-year grace period. The funds are part of EFE's multi-year investment programme and will be used to advance priority projects in the national investment plan, including projects to expand commuter transport and renew fleets and infrastructure.
