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The Federal Railroad Administration (FRA) yesterday issued a $6.8 million Railroad Rehabilitation and Improvement Financing (RRIF) loan to the Arkansas & Missouri Railroad, which will use the proceeds to refinance the purchase of three locomotives.The locomotive purchase was designed to improve the railroad's operations, enhance safety and reduce carbon emissions, according to an FRA press release. The railroad also received a RRIF loan of $11 million in 2003 to purchase and rehabilitate track.The RRIF program provides direct federal loans and loan guarantees to finance the acquisition and development of railroad and intermodal facilities and equipment, including positive train control. The FRA gives priority to projects that improve safety, the environment and foster economic development. Since 2002, the FRA has issued 35 RRIF loans totaling about $2.7 billion."RRIF is a vital tool for railroads," said Acting Federal Railroad Administrator Sarah Feinberg. "FRA has significantly decreased the time it takes to process RRIF loans and we look forward to closing additional loans later this year."
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