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AfDB approves $300m loan for Vale’s E Africa rail plan

The African Development Bank has approved a plan to provide as much as $300-million to help Brazilian mining company Vale SA finance the expansion of the Nacala logistics corridor in East Africa, Vale said in a statement on Thursday. The Nacala corridor links areas in Zambia, Malawi and Mozambique with the port of Nacala on Mozambique’s Indian Ocean coast and will help Vale move coal from its Moatize coal mine in Mozambique to markets around the world.