The government of Argentine capital Buenos Aires has agreed terms for a US$1.4bn loan from China's Eximbank to finance construction of the city's metro line G, paper La Nación reported.
Following the project's financial close, authorities must now reach an agreement concerning the stations, wagons and layout of the metro line. The city government previously held talks with China Railway International (CRI), a subsidiary of China Railway Engineering Corporation, to carry out the project.
The metro line is expected to span around 12.5km, connecting eastern district Retiro with Villa del Parque in the west.
Work is due to get underway in 2012, with the project completed in four years' time.
The 15-year loan will have a five-year grace period and 4-5% interest rate, according to the report.