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Earlier this week, GE Transportation Systems received a $39.5 million loan guarantee from the Export-Import (Ex-Im) Bank of the United States to export 25 4,400-horsepower locomotives to a Mexican railroad.

Grupo Ferroviario Mexicano is purchasing the diesel-electric locomotives, which will be leased to its subsidiary Ferrocarril Mexicano S.A. de C.V. (Ferromex). The 6,180-mile Ferromex moves about half of Mexico's total freight.

In 1999 — shortly after Mexico privatized its state-owned railroad system — Ferromex obtained guaranteed financing from Ex-Im Bank to purchase 50 GE locomotives.

New York-based BNP-Paribas serves as the transaction's guaranteed lender.