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Funding concluded for Nacala Corridor

Vale and Mitsui have announced that they have signed binding contracts for US$2.73B in finance for the development of the Nacala Logistics Corridor (NLC), including railway and coal terminals.
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Japan Bank for International Cooperation is to lend US$1.030B, and the African Development Bank US$300M, while Nippon Export and Investment Insurance is to insure US$1B from a consortium of mainly Japanese banks, and Export Credit Insurance of South Africa Ltd is to insure a further US$400M from a consortium of four South African banks. The Japanese government has already helped to finance the development of the Port of Nacala through its development funding.

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