US gives loans for Aqaba railroad upgrade

The US governmental Overseas Private Investment Corporation (OPIC) gave loan guarantees worth $55 million to the Wisconsin Central Transportation Corporation for work on Jordan's Aqaba Railway Company's lines to help increase Jordanian phosphate exports.

Wisconsin Central is also to build a spur connecting el-Shadiya mine to the Aqaba rail line. Wisconsin Central would also lease Aqaba Railway assets for 25 years under the agreement.

An agreement must still be reached between Wisconsin Central and the Jordan Phosphate Mines Company for the project to go forward.

Another phase of the project would involve the construction of a new line linking Aqaba port to a fertilizer factory.