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GE’s Sale to Pakistan Gets Boost Over China From U.S.

General Electric Co.’s proposed sale of 150 locomotives to Pakistan received a $437 million boost when the U.S. Export-Import Bank offered cut-rate financing to help the company compete with China’s export lender.

“I don’t want to lose any sale because of financing,” Fred Hochberg, the chairman of the Export-Import Bank, told reporters in Washington today. The U.S. learned in February that China planned to back a rival for the equipment sale, and it’s the first time the U.S. has offered to meet the terms of China’s government lender.