News - English
News numbre:  8710201053
2009-01-09 - 21:19

Iran Hikes Cuba Credits to 500mln euros

TEHRAN (FNA)- Iranian Industries and Mines Minister Ali Akbar Mehrabian said that his government had expanded the credit it granted Cuba from 200 million euros to 500 million euros ($272 million to $680 million) and was implementing "very important" bilateral agreements.

"We had the good fortune today of having very good meetings on the subject of cooperation," the minister said Wednesday after meeting with Cuban Vice President Ricardo Cabrisas and Foreign Minister Felipe Perez Roque.

Iran "decided to extend the financial ceiling of the credit it had granted Cuba up to 500 million euros" and reached an agreement to "make this credit operative as soon as possible," Mehrabian said.

In November 2007, Iran granted Cuba a credit of 200 million euros to finance imports of transportation gear and other equipment.

Cuba purchased 550 railway freight cars and 200 passenger cars from Iran in 2007 as part of an investment plan aimed at overhauling Havana's transportation industry, one of the sectors of the economy most affected by the collapse of the Soviet Union in the early 1990s.

The Iranian minister, who ended his visit to Havana on Wednesday, also traveled to Venezuela and Nicaragua on his Latin American tour.