Wednesday, September 27, 2006

Russia to offer tied loan to Cuba

Russia to offer tied loan to Cuba

RBC, 27.09.2006, Moscow 10:23:20.An intergovernmental accord will
be signed during Russian Prime Minister Mikhail Fradkov's visit to Cuba
on September 28-29 to provide a state loan worth $355m to finance
purchases of Russian goods and services, RBC was told by a source within
the Russian delegation accompanying the PM on this visit.

This agreement was approved for signing at a Russian government
meeting on September 14, and the Finance Ministry was instructed to
facilitate the required funds for this purpose.

This will be a tied loan to be used towards purchasing Russian
automobiles and equipment, and thus it will support Russian exports, the
source explained. "This is a pilot project aimed at supporting Russian
exports. If it goes well, this practice may be expanded through offering
tied loans to other countries," he said.

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