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Castro points to significance of treaty with Russia on construction of power units in Cuba

December 30, 2015, 10:07 UTC+3 HAVANA
Russia grants a loan to Cuba to the tune of €1,2 billion for the construction of the power-generating units at the Maximo Gomes and Este Habana thermal power plants
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Cuban leader Raul Castro

Cuban leader Raul Castro

© Alexei Nikolsky/ITAR-TASS

HAVANA, December 30. /TASS/. Cuban leader Raul Castro has described as strategic the agreement signed with Russia this year, under which Russia grants a loan to Cuba to the tune of €1,2 billion for the construction of the power-generating units at the Maximo Gomes and Este Habana thermal power plants.

"I must remind you of the strategic importance of the agreement signed with the Russian government on the concessionary financing of the construction of four power-generating units of 200 MW each and on the modernization of our iron-and-steel industry," Castro said on Tuesday closing of the session of the National Assembly of People’s Power (parliament) of Cuba.

On Cuba’s economic, trade and financial relations with other countries, the Cuban leader noted that they "are entering a new stage." This concerns, first and foremost, 14 creditor nations of the Paris Club, with which "an important multilateral agreement" was reached on December 12 in Paris. According to Castro, the agreement "made it possible to solve an old problem, taking into account the realities and capabilities of the Cuban economy." "This agreement opens a new stage in the economic, trade and financial relations with the member-countries, as it makes access to the much-needed medium-term and long-term financing of development plans easier," he said.

Raul Castro reaffirmed the intention of the Cuban state to honor its obligations. "In spite of the ongoing financial constraints, the obligations undertaken within the framework of various processes of debt restricting with foreign creditors are fulfilled, and the trend of gradual restoration of international confidence to our economy has grown," he said.

 

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