Ambassador: Russia may issue over 1 bln euro loans to Cuba

MOSCOW, Feb 13 (PRIME) -- Russia plans to issue over 1 billion euros of credits to Cuba for joint projects, ambassador to Cuba Andrei Guskov told PRIME on Thursday.

“Regarding new Russian loans, they will be provided for implementation of joint projects that were outlined, according to the agreements that were already reached or will be reached. These include a large contract for restoration and upgrading Cuba’s railroad infrastructure. A significant part of its financing – almost 900 million euros – will be secured with loans of Russian banks,” he said.

The second stage of upgrade of the Antillana de Acero metals plant, the overhaul maintenance of 10 power units of Cuban thermal power plants, and some other projects are also launched, he said.

“The combined amount of loans to cover these and other deals that we are to fulfill in the coming years may exceed 1 billion euros. I would like to point out again that money that will be invested into the economy of Cuba will be compensated in the form of redemption of loans,” he said.

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