Brazil's Rumo obtains nearly US$130mn to finance rail projects
Brazilian logistics firm Rumo obtained financing worth 686mn reais (US$128mn) from federal development bank BNDES for railway projects.
Part of the funds (233mn reais) will be used for a positive train control system to increase efficiency and operational safety of the railway network between São Paulo and Mato Grosso states.
"Rumo's project named positive train control 2.0 (PTC 2.0) is a train dispatch system designed to work safely and be able to accurately determine the location, direction and speed of trains along the entire network," BNDES said in a statement.
The company plans to hire 122 people during the project’s development for engineering, IT and operational positions.
Rumo will use 201mn reais of the financing to pay fees for concessions it has been awarded and 252mn will be used for investments as of 2024.
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