Russia will lend the Government of Cuba more than 1,000 million euros for joint projects

The Russian ambassador to Cuba, Andrey Guskov, assured that Moscow plans to grant the Cuban regime loans that could exceed one billion euros.

"The total loans planned for (...) transactions to be executed in the coming years may exceed 1,000 million euros," he said in statements collected by Sputnik News.

"A significant part of its financing - almost 900 million euros - will be provided through commercial credit from Russian banks," he added.

The loans will be allocated to joint projects, which include railway infrastructure, metallurgical industry and energy.

Guskov explained that design work to modernize Cuba's railway infrastructure began in January. In October of last year it was known that the Russian company Sinara was going to invest more than 219 million dollars to modernize the railway in Cuba.

Last September Both governments signed a protocol so that Russia will participate in various transport projects, from the renewal of the railway network to port infrastructure and the training of pilots.

Recently the Cuban ambassador in Moscow, Gerardo Peñalver Portal, assured that The trade exchange between Cuba and Russia in 2019 exceeded 500 million dollars.

One of the Kremlin's points of support included the defense of the Island, since in February of that year The Russian Government approved a credit worth 38 million euros (about 50 million dollars) for Cuba to buy weapons and military material to Moscow.

The Government of the Island owes 3 billion dollars to Russia, despite the fact that Moscow canceled 90% of the debt that Cuba had with the former Soviet Union.