ST. PETERSBURG, June 7. /TASS/. Russia has concluded an inter-governmental agreement with Cuba to upgrade Cuba’s railways. The signing took place at the St. Petersburg International Economic Forum on Friday, Deputy Prime Minister Yuri Borisov told the Rossiya-24 round-the-clock television news channel in an interview.

"I have such data that this intergovernmental agreement was signed today. The project price is slightly less than $1 bln," the official said.

The Cuban railway network upgrade should increase the goods traffic on the island by three times and will significantly influence on the national economy, Borisov added.