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Russia to Loan Money to Cuba
The RF government sanctioned yesterday the loan to Cuba. The money will go for buying Russia’s goods and services, RIA Novosti reported with reference to November 1 ruling. The maximum amount is $335 million.
Russia and Cuba inked a special draft intergovernmental agreement for the loan appropriation far back on September 29, 2006. But the government has recommended to Finance Ministry to approve it only this year.
According to previous reports of the media, Russia may loan to Cuba $335 million at 5 percent on year. Cuba will spend the funds to cover up to 90 percent of the budget of each contract with Russia. The advance payment will equal at least 10 percent in each case.
Cuba will spend the funds to upgrade and rebuild local enterprises, then Russia’s Prime Minister Mikhail Fradkov said in 2006.
www.kommersant.com
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