France to Fund Development Projects in Cuba

Havana, July 30 (IANS) France will finance various priority development areas in Cuba through long-term preferential loans, sources said.

Cuban Foreign Trade and Investment Minister Rodrigo Malmierca and French Ambassador Jean-Marie Bruno signed an agreement on Friday for the opening of a French Development Agency in Cuba.

It will fund projects on renewable energy, tourism, transport, agribusiness, sanitation and urban development, Xinhua news agency reported.

According to the Foreign Ministry, a part of the financing will come from a fund of 231 million euros (about $258 million) created from the renegotiation of Cuba’s external debt with France and other members of the Paris Club.

Advertisement. Scroll to continue reading.

The committee administering the fund will be elected in the second half of 2016 during an official visit to Cuba by Matthias Fekl, the French Minister of State for Foreign Trade, said Malmierca.

Source: IANS

Share
Published by
Cuba Business Report Staff

Recent Posts

Cuba Joins the BRICS New Development Bank

In a move with both economic and geopolitical significance, Cuba has officially joined the New…

2 weeks ago

Cuba’s International Tourist Arrivals—June 2025

Cuba’s tourism sector, long a vital part of the island’s economy, is experiencing mixed fortunes…

2 weeks ago

Cuba Amplifies Voice of the Global South at BRICS 2025 in Brazil

Cuba took center stage at the 17th BRICS 2025 in Rio de Janeiro this weekend,…

1 month ago

FIHAV 2025 Set for this November

Cuba has confirmed the 41st edition of the Havana International Fair (FIHAV 2025) will take…

1 month ago

WestJet CEO Meets with Cuban President Amid Hopes for Expansion of Passenger Flights to Havana

WestJet CEO Alexis von Hoensbroech met Wednesday with Cuban President Miguel Díaz-Canel in Havana, a high-level meeting…

2 months ago

Cuba Expands Solar Parks as Energy Deficits Persist

Cuba is ramping up efforts to address energy shortages through the expansion of photovoltaic solar…

2 months ago