The U.S. Federal Railroad Administration (FRA) issued a USD 6.8 million Railroad Rehabilitation and Improvement Financing (RRIF) loan to the Arkansas and Missouri Railroad (A&M). A&M will use the loan to refinance the purchase of three locomotives that improves the company’s operations, enhances safety, and reduces carbon emissions.
“Expanding financing opportunities for railroads will create jobs, grow the economy, and improve the quality of our rail infrastructure,” said U.S. Transportation Secretary Anthony Foxx.
The RRIF program provides direct federal loans and loan guarantees to finance the acquisition and development of railway and intermodal facilities and equipment, including positive train control (PTC). “RRIF is a vital tool for railways. FRA has significantly decreased the time it takes to process RRIF loans and we look forward to closing additional loans later this year,” Acting Federal Railroad Administrator Sarah Feinberg said.