Cash-strapped Cuba signs loan deals with Saudi Arabia for 80 million dollars

Cash-strapped Cuba signs loan deals with Saudi Arabia for 80 million dollars
This is the fourth and fifth accord we have signed since we started
working together with the Saudi Fund in 2010, said Cuban Foreign Trade
Minister Rodrigo Malmierca.
By: Reuters | Havana | Updated: July 22, 2016 4:41 am

Cash-strapped Cuba signed two deals on Thursday with Saudi Arabia for
long-term credits worth around $80 million in total to import goods from
the Gulf kingdom and invest in infrastructure.
One accord was for a five-year revolving credit worth $50 million for
imports of Saudi products, while the other was for a loan of more than
$29 million to finance hydraulics works, the Cuban state news agency ACN
reported.
"This is the fourth and fifth accord we have signed since we started
working together with the Saudi Fund in 2010," Foreign Trade Minister
Rodrigo Malmierca said in comments broadcast on state television news.
The first contracts for the import of Saudi agricultural machinery have
already been signed, ACN wrote.
Cuban President Raul Castro admitted earlier this month that Cuba was
struggling to pay foreign suppliers on time due to a shortage of liquidity.

Source: Cash-strapped Cuba signs loan deals with Saudi Arabia for 80
million dollars | The Indian Express -
http://indianexpress.com/article/world/world-news/ash-strapped-cuba-signs-loan-deals-with-saudi-arabia-for-80-million-dollars-2928728/