India announced that it will extend a credit of 100 million euros to Cuba to help alleviate food shortages, by delivering especially grains and cereals.
According to the Indian newspaper Financial Express, this is a line of credit (LOC), a pre-established loan limit that can be used at any time.
"Talks are in advanced stages to finalize the 100 million euro LOC for Cuba. It is being expanded in an effort to help the country meet its grain shortage and more," revealed a senior official from the Asian nation.
The source specified that the LOC is expected to be delivered to Cuba at the end of this month.
Once the agreement is finalized, the export of grains and cereals such as wheat, rice and beans, and other edible products is expected to begin.
In recent statements to Financial Express online, Cuban Ambassador Alejandro Simancas Marín said that feasibility studies have been carried out that would offer practical opportunities for Indian companies to invest in Cuba in sectors of the food industry, sugar, renewable energy, agriculture and light industry.
Currently, both countries maintain a close alliance in fields such as biotechnology and pharmaceuticals, in which they market active ingredients, raw materials and equipment.
In December 2018, India offered Havana a credit for 75 million dollars for a solar energy project of 100 MW.
Just two months earlier, it was reported that Cuba would build a bioelectric plant associated with a sugar mill, and a 50 MW wind farm, thanks to the financing granted by that nation.
Bilateral relations were strengthened after the visit to the Caribbean nation in June of that year by President Ram Nath Kovind, who met with his counterpart, Miguel Díaz-Canel.
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