Export Development Corporation (EDC), the Canadian equivalent of Exim Bank, will finance 85 per cent of the US Dollar 38 million deal of the Indian Railways to import diesel locomotives from General Motors.
EDC and Indian Railway Financial Corporation (IRFC) have formalised an agreement by which the Canadian financial institution would provide 33.8 million USD for purchase of 10 fully assembled diesel locomotives for passenger trains and kits of ten more units which would be used for spares,